Caliber has broken ground on a Hyatt Studios extended-stay hotel in Steamboat Springs, Colo.
Company executives, development partners and local officials recently gathered to celebrate the groundbreaking for the four-story, 57,971-square-foot hotel. The property is expected to open in the second half of 2027 with stabilization anticipated in the first quarter of 2029.
Scottsdale, Ariz.-based developer Caliber is developing the project under a master development agreement with Hyatt that provides the company with exclusive development areas for Hyatt Studios. Steamboat Springs is one of 15 Hyatt Studios hotels Caliber plans to develop. Upon stabilization, the property is expected to transition into Caliber Hospitality Trust through a forward purchase structure.
“Today's groundbreaking reflects the continued execution of our hospitality development strategy and our commitment to delivering high-quality extended-stay accommodations in markets where demand continues to outpace supply,” Chris Loeffler, CEO of Caliber, said in a statement. “Steamboat Springs represents one of the most attractive hospitality markets in the Mountain West, and we're excited to bring Hyatt Studios to a community that benefits from year-round tourism, workforce demand and limited existing extended-stay inventory.”
“Breaking ground on this hotel is an exciting milestone for Hyatt Studios and reflects the momentum we're building with developers like Caliber, whose commitment is accelerating the growth of the brand,” added Kevin Schramm, SVP of growth for Hyatt's Essentials portfolio.
The approximately 114-room hotel will be developed on a 2.71-acre site and will include guestrooms with in-room kitchens, interior ski and bike storage, a self-service marketplace with complimentary grab-and-go breakfast, 24-hour fitness and laundry facilities and an outdoor patio with hot tubs, fire pits, grills and seating. The property will also have access to local ski slopes via the community bus route.
The project will incorporate energy- and water-efficient features, including LED lighting, low-flow plumbing fixtures, smart thermostats and electric vehicle charging stations.