TMGOC Ventures, a partnership between Opterra Capital and The Montford Group, is constructing a 13-story, 208-room Moxy Hotel in Charlotte, N.C., scheduled to open in September 2024. Canyon Partners Real Estate provided a $51.5 million senior loan to the group. The Moxy Charlotte represents Canyon's second transaction with TMGOC Ventures and its third Moxy Hotel financing.
"Uptown Charlotte continues to benefit from a strong business environment, with several corporate expansions and relocations bringing traveling professionals to the city. This level of positive activity lays the path for long-term demand for centrally located hospitality assets," said Sunju Patel of The Montford Group in a statement. "We are pleased to work with Canyon and Opterra again to provide a strong offering for professionals both visiting and living in Charlotte."
"With over two million square feet of office space under construction or recently delivered in Uptown Charlotte and employees at major companies in the region returning to in-person work, Moxy Charlotte is perfectly placed to accommodate the upcoming influx of activity," said Glenn Alba of Opterra Capital. "This project is well-timed in such a dynamic and flourishing city. We are thrilled to work alongside Canyon and TMG once again on this project."
The Moxy Charlotte will have a rooftop terrace, a Starbucks coffee shop and a bar on the top floor. The hotel will be managed by Aimbridge Hospitality.