CaliberCos Inc. and Ryan Companies US, Inc. announce the completion of the first and only hotel connected to the Tucson Convention Center. DoubleTree by Hilton Tucson Downtown began taking reservations March 7 and doors will open to guests beginning March 23, 2021. The opening of this hotel supports the City of Tucson’s downtown re-visioning plan and will help accommodate the growing demand to accommodate visitors from around the world.
“At Ryan Companies, we strive to create places for people to thrive,” said Chuck Carefoot, Ryan Companies senior vice president of construction. “We’re honored to take part in the revitalization of downtown Tucson and the opening of this hotel marks an exciting milestone for the city.”
Construction of the new Convention Center hotel in the Rio Nuevo District created significant economic benefits and the impact is anticipated to extend far into the years ahead. The project provided approximately 130 construction jobs and 80 indirect construction jobs. The hotel and its lobby bar and restaurant will directly support about 100 jobs and 34 indirect jobs at other local businesses. Overall, the hotel is projected to generate an average annual economic impact of $12.1M or a total of $302.4 M over the next 25 years.
"Caliber is excited to be a part of the future of Downtown Tucson by preserving the history of the Barrio heritage, which can be found throughout the intricate details of the interior finishes in the hotel, as well as highlighting the beautiful gems of Arizona," said Courtney Bring, Caliber Development project manager. "This project has been a successful collaborative effort by Rio Nuevo, the City of Tucson, Ryan Companies, Swaim Architects, Within Studios, Highgate and many talented subcontractors. We are thankful for the surrounding community's support and look forward to opening our doors!"
The 104,316 square-foot hotel includes 170 rooms, four suites and one executive suite, and will feature several amenities including a second-story pool & bar, onsite restaurant - El Mezquite Grill & Taqueria, coffee bar and 4,000 square feet of meeting space. The project broke ground in May 2019 and was the first Opportunity Zone project in Arizona for Caliber and Ryan Companies.
Rio Nuevo is a Tax Increment Finance District (TIF) that was approved in 1999 to invest in projects that expand the city tax base and bring people and businesses to downtown Tucson. The funding for the district is generated from a share of state sales tax dollars, with hopes of being an engine for the future success of Tucson’s economy.
For more information about DoubleTree by Hilton Tucson Downtown Convention Center, visit www.hilton.com/en/hotels/tusaudt-doubletree-tucson-downtown-at-the-convention-center/.
About Ryan Companies US, Inc.
Founded in 1938, Ryan Companies offers comprehensive commercial real estate services as a national developer, architect, capital investment consultant, builder and real estate manager with a focus on bringing lasting value to its customers and the communities in which it works. Ryan market depth includes retail, industrial, healthcare and senior living. Ryan development and corporate build-to-suit work spans a wide range of product types including office, mixed-use, hospitality, multifamily housing and mission critical facilities. Ryan has nearly 1,500 employees in 15 offices and has completed projects in 39 states. For more information, visit ryancompanies.com.
About Caliber – The Wealth Development Company
Caliber is a market leader in providing individual accredited investors and registered investment advisors with well-structured alternatives to traditional investments. The Company builds wealth by forming and managing real estate private equity investments, either through individual assets or multi-asset funds. The Company offers an approachable, full-service investment experience managing over $440M in fair value assets under management and an estimated $550M in assets under development in commercial, residential, multi-family, self-storage and hospitality real estate in AZ, CO, NV, UT and AK. Caliber’s vertical integration of support services delivers a unique and efficient 360º approach to investing in real estate. The Company is headquartered in Scottsdale, AZ with business operations focused throughout the greater Southwest region. Visit www.CaliberCo.com for more information.
Highgate is a leading real estate investment and hospitality management company widely recognized as an innovator in the industry. Highgate is the dominant player in major U.S. gateway cities including New York, Boston, Miami, San Francisco and Honolulu, with a growing Caribbean and Latin America footprint. The hospitality forward company provides expert guidance through all stages of the property cycle, from planning and development through recapitalization or disposition. Highgate has a proven record of developing its diverse portfolio of bespoke lifestyle hotel brands, legacy brands, and independent hotels and resorts with contemporary programming and digital acumen. The company utilizes industry-leading revenue management tools that efficiently identify and predict evolving market dynamics to drive outperformance and maximize asset value. With an executive team consisting of some of the most experienced hotel management leaders, the company is a trusted partner for top ownership groups and major hotel brands. Highgate maintains corporate offices in New York, Dallas, London, Miami, Seattle and Waikiki. www.highgate.com.