Announcement • Apr 24
Caliber Advances Hyatt Studios Development Platform Across Three High-Growth Markets
Caliber announced that it continues to execute on its multi-market Hyatt Studios development platform, advancing three hospitality projects across high-conviction markets: Steamboat Springs, CO; Riverwalk/Scottsdale, AZ; and Georgetown, TX. The first project in Steamboat Springs closed acquisition and construction financing in April 2026 and is expected to break ground during the second quarter of 2026. The platform represents a focused effort to capitalize on supply-constrained markets and growing demand for extended-stay hospitality. Each of these Hyatt Studios locations was selected based on long-term structural demand drivers, not short-term market timing. Together, the three markets create diversification across destination leisure, employment-driven extended stay, and high-growth metro expansion, while maintaining alignment with the Hyatt Studios operating model. Caliber’s model is designed to build, stabilize, and transition assets into long-term trust ownership that recycles capital while limiting risk. Hyatt Studios, Hyatt's upper-midscale extended-stay brand, is purpose-built for longer stays with a lean operating model and strong brand loyalty. Caliber’s strategy is to develop institutional-quality Hyatt Studios assets that transition into long-term ownership through Caliber Hospitality Trust (CHT) under a forward purchase framework. Each development is expected to require approximately 15–17 months from groundbreaking to opening, with the goal of having all three projects active at varying stages over the next two years. Steamboat Springs is targeted to open in the third or fourth quarter of 2027, with the remaining projects following sequentially thereafter. The Hyatt Studios brand is purpose built to deliver a highly efficient, scalable extended stay offering, combining lean staffing, standardized room design, and a right-sized footprint of 114 to 122 keys with a streamlined construction approach that reduces structural steel requirements and overall development costs. This model enables a repeatable construction template, a scalable underwriting approach, and a controlled cost basis, typically supporting a 15 to 17 month construction timeline. Sequential development across multiple sites further enhances efficiency and returns for owners. Hyatt Studios hotels are designed around the needs of modern extended stay travelers, offering studio apartment style suites with kitchenettes, complimentary grab-and-go breakfast, a 24/7 market, on-site laundry, and a fitness center. Together, these features provide the comfort and functionality of home in a simplified and reliable format. The brand is further differentiated by its ability to capture strong loyalty through the Hyatt ecosystem, leveraging World of Hyatt to drive consistent demand, deepen guest engagement, and deliver long term value for owners. Steamboat Springs, CO - Hyatt Studio Development Targeted opening Third or Fourth Quarter 2027 The Steamboat Springs project is fully entitled and advancing toward construction, with zoning approved, a general contractor engaged, and construction financing closed in April 2026. The project received unanimous zoning approval, reflecting strong alignment with local demand and a clear supply gap in the market. Construction is expected to commence in Second Quarter 2026 with an estimated completion in Second Quarter 2027. The Steamboat market represents one of the most compelling hotel development environments in the Mountain West. It is a year-round destination with established winter ski demand paired with growing summer visitation. Older hotel options in the area create a positive competitive environment for a modern branded product like Hyatt Studios. Caliber believes that Steamboat’s economics are unusually attractive for new development. Unlike many resort markets where replacement cost pressures impair feasibility, Steamboat’s supply constraints and pricing power create an environment where new, branded inventory is advantaged. Riverwalk /Scottsdale, AZ - Hyatt Studio Development Caliber’s Riverwalk /Scottsdale, AZ Hyatt Studio development is located in a nationally recognized leisure destination with premiere golf, resort, and event-driven visitation. The location has premium seasonal pricing power and high barriers to entry due to limited land availability and complex zoning dynamics. The company believe that the location will have a strong seasonal leisure market demand dynamic with anticipated premium average daily rate (ADR) performance during peak periods, which should support strong pricing power and attractive margins for well-positioned assets. The Riverwalk /Scottsdale, AZ land site is already controlled by Caliber via a long-term lease, which provides significant development and operational control. The site’s design review (DR) is in process, and the conditional use permit (CUP) is under review. The coordinated master plan/site plan resubmittal is in progress with the goal of approvals of the DR and CUP by the third quarter of 2026. Georgetown, TX - Hyatt Studio Development The Georgetown location is part of the Austin, Texas corridor, as it benefits directly from the area’s continued population and economic expansion. Austin remains one of the fastest-growing MSAs in the U.S. The area is seeing a multi-billion-dollar Austin Convention Center redevelopment, which should cause an increase in convention and corporate overflow demand for hotels. The land has already been purchased; the transaction closed in October 2025. Caliber is evaluating the optimal development strategy to align with market demand and maximize long-term value. Longer-term strategy - transition to Caliber Hospitality Trust (CHT) portfolio Caliber’s strategy is not merchant development, but long-term ownership. Stabilized assets are expected to transition into Caliber Hospitality Trust (CHT) through a forward purchase structure, providing investors who fund the development with visibility on exit and reducing disposition risk. Caliber’s Hyatt Studios offering Caliber is now actively offering accredited investors the opportunity to participate in the Hyatt Studios development platform by offering two options: The first, a feeder-fund structure, whereby investors may gain diversified exposure across the development pipeline. The second, a project by project offering, starting with the Steamboat location. Caliber’s initial Hyatt Studios capital launch in Steamboat Springs, CO, marks the formal execution phase of its three-market development platform.