Wichita, KS-based WaterWalk Hotel Apts., the fifth national brand of hospitality developer and extended-stay industry pioneer Jack DeBoer, has retained Rockford Construction out of Grand Rapids, MI to develop eight WaterWalk franchises in San Antonio, Denver, Dallas and Austin. The development deal is for $150 million.
Additionally, Rockford has been named the preferred builder for WaterWalk corporate properties and the company’s franchise system.
This is the second $100 million deal WaterWalk has reached in the last six months after coming to terms on a $100 million contract with U.K.-based investment firm Henley to construct and open five WaterWalk franchises in Albany, NY; Charlotte, NC; Fort Lauderdale, FL and North Orlando, FL.
“This deal is further evidence that WaterWalk is an attractive opportunity for investors to add strong assets to their real estate portfolios as they provide the revenue potential and returns associated with upscale extended-stay hotels and the capital structure and valuation of apartments,” said David Redfern, president of WaterWalk real estate franchise development. “With this latest agreement, we now have 27 WaterWalk properties in various stages of development.”
Construction on the Fort Lauderdale hotel is scheduled to begin this week. WaterWalk will also break ground later this year on new properties in Tulsa, Raleigh, Louisville, Minneapolis, Kansas City, and Chicago, in addition to San Antonio and Denver.
Michigan Developer Also Named Preferred Builder
By Bryce Meyers