McCarthy Building Launches Development of Marriott-Branded Hotel

Main Photo: The new Scarlet Hotel – imagined

Date: July 2020

Location: University of Nebraska-Lincoln’s Innovation Campus, USA

Name: The Scarlet Hotel, a Marriott Tribute Hotel

No. of Keys: 154

Seller: TBA

Buyer: McCarthy Building Cos. has kicked off site work for The Scarlet Hotel, a 154-key, Marriott-branded property in Lincoln, Nebraska. The project has an estimated cost of $23 million and is being developed by a public-private partnership between Goldenrod Cos and The University of Nebraska-Lincoln. The development is set to be finalised in Fall 2021.

The site is a one-acre parcel located at the junction between Transformation Drive and North 21st Street. Plans call for a six-story building which will be part of the Marriott Tribute Portfolio, an assortment of independent boutique hotels. The amenity package will include a gym, restaurant and a rooftop bar.

Additionally, the property will have a 10,000-square-foot component designed for educational purposes for the University’s hospitality, tourism and restaurant management program. The space will feature faculty offices, classrooms, a student lounge, a conference room and an instructional kitchen.

DLR Group serves as the architect for the hotel, which will be developed in the vicinity of the Rise Building, a 75,000-square-foot office building at 2125 Transformation Drive. Both properties are situated in the University’s Innovation Campus.

In February, McCarthy Building Cos. finalised the development of a $147 million, eight-story tower for Mercy Hospital Northwest in Rogers, Ark. The new 275,000-square-foot building added 68 beds, operating rooms and diagnostic facilities.

Price: $23m

Price per Key: $149,351

THPT Comment: University and hotel group collaboration is common-place in the USA…not so much in Europe and elsewhere. Lesson to be learnt? especially at this price per key.

First Seen: Commercial Property Executive

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