Project will contain a Marriott Residence Inn and Marriott A-C Hotel
Los Angeles, CA (July 8, 2019) – Southern California-based, real estate investment and development firm Hawkins Way Capital, LLC, led by co-founders and managing partners Ross Walker and Karan Suri, announced today that construction will start this week on a high-rise hotel in Oakland that will contain a Marriott Residence Inn and Marriott A-C Hotel, both of which are popular select-service Marriott brands. A Hawkins Way affiliate will also operate the dual-branded hotel upon completion. Located at 1431 Jefferson Street in downtown Oakland, the project will cost in excess of $100 million (with financing provided by Goldman Sachs of New York City) and is situated in a designated Opportunity Zone, one of numerous areas around the country where legislation is using tax incentives to spur economic growth. In fact, this high-profile hotel project is one of the largest Opportunity Zone funds (single-asset) to ever close and actually start construction.
“This week marks a special time as we officially start construction and become a significant member of the Oakland community,” stated Walker. “The hotel, once completed, will fill a hotel void, add to the current and emerging sky-line of the city of Oakland, and importantly, provide many entry-level employment positions that can lead to future operational and executive positions in the hospitality industry.”
18 stories high and containing 286 hotel rooms, the hotel is a union project that will consist of two lobbies and two types of hotel guest rooms on the upper floors. The lower levels will be designed in the Marriott Residence Inn style, geared towards extended stays with a mix of studios and one-bedroom units. The upper floors will be designed in the Marriott A-C Hotel style, focused on modern-minded customers and shorter stays while offering a higher level of finishes and amenities. Designed by San Francisco-based Stanton Architecture, the hotel is being constructed by Pleasanton-based Millie & Severson.
“As Oakland grows, our community values must scale with it,” said Oakland Mayor Libby Schaaf. “I’m proud this project creates new union jobs and prioritizes small local businesses on the street level. As we see new projects arise in Oakland, we must ensure that the revitalization effort creates economic health and wealth for all residents, from all our neighborhoods.”
Set amidst an area with improving nightlife, restaurants, arts, and entertainment, this development will add to the already trending neighborhood. Facing Jefferson Street, available ground floor retail in the project will be first offered to small business interests in the local community, further providing entry-level jobs and helping revitalize the community.
“The Hawkins Way strategy to develop hotels, hostels, co-living, and student housing in urban areas currently includes activities across 17 U.S. cities such as San Francisco, Los Angeles, New York, Boston, and Washington DC,” said Walker. “At the encouragement of our partner, Lew Wolff, we sought and obtained approval to do our largest project-to-date in California. Also, thanks to Lew, we have agreed to card check with UNITE HERE for the project, and will be making concerted efforts to train and hire local employees.”The project is expected to be completed in 2021.About Hawkins Way Capital, LLC
Hawkins Way Capital is a vertically integrated real estate company based in Los Angeles focused on value added and opportunistic investments across various asset classes and geographies. The company manages equity funds for select family offices and institutions that seek niche theses targeting attractive risk adjusted returns. The disciplined approach leverages the principals’ investing experience and extensive network to execute strategies that offer long-term value. For more information, visit www.hawkinsway.com.