See full article in Memphis Business Journal
Developing a new hotel right now is extremely difficult. But, it’s apparently not impossible.
Carlisle LLC CEO Chance Carlisle told the MBJ Oct. 22 he is set to close financing within two weeks and start construction by the end of November on One Beale’s second hotel.
He knows that sounds risky, as the global pandemic rages on, but he’s bullish on Downtown Memphis and the way a second hotel will complement the rest of One Beale.
“My confidence to start construction on the [second hotel] is a combination of my faith in our partnership with Hyatt, the strength of the [Caption by Hyatt] brand, and the belief by our partners in a resurgence in Downtown,” Carlisle said. “Both our lenders and Hyatt strongly believe this will be highly successful.”
Caption by Hyatt is a brand new limited-service flag that’s largely targeted toward millennials. A property in Los Angeles is being converted into the first one; the Memphis location will be the first new-build property.
“[It’s for] someone who appreciates good food and beverage [and] wants to be in the middle of the action, not the closest hotel off of the highway,” Carlisle said. “It is a hangout hotel.”
Carlisle said the new hotel’s guests will benefit greatly from being next door to the full-service Centric — with its rooftop bar and abundance of meeting rooms — while paying less.
With the Centric set to open in March 2021, Carlisle is hoping the Caption will be ready by March 2022 — in time to take reservations for Memphis in May. It is set to contain almost 140 rooms on 10 floors.