Uptown hotel aimed at millennials gets new owners as plans stay on track
.png "Construction of a 13-story, 208-room hotel in uptown is expected to start in earnest later this month. Moxy Hotels is a Marriott-affiliated brand focused on millennials. The project is located at South Brevard and East 4th streets.")
Same hotel, new ownership.
The developer behind the millennial-focused Moxy Hotel in uptown sold the project last year to another ownership group. Plans remain mostly the same as when The Charlotte Observer reported about the project last July: a 13-story, 208-room hotel will be built at 125 S. Brevard St.
The project is on track to open late next year. The brand focuses on providing a fun environment where you check in on the 13th floor with a complimentary drink. There will be live music and games in the lobby that leads out to a rooftop terrace. Views of uptown Charlotte will also, of course, be complimentary.
Located at the corner of E. 4th Street, the site is home to a paid public parking surface lot, and is steps away from the Spectrum Center. Moxy is a Marriott-affiliated brand.
TMGOC Ventures is now leading the project, according to Sunju Patel, founder and CEO of Charleston-based The Montford Group. Montford and Opterra Capital of Florida make up TMGOC. The changes in hotel ownership and development were first reported by The Charlotte Business Journal.
The venture purchased the property last October for $6.5 million from BPR Properties, according to Mecklenburg County property records.
BPR had planned to move forward with the project but it was offered a purchase price that was well above its cost basis so it was too enticing not to take, Birju Patel, BPR president told the Observer.
The proceeds from the deal allow BPR to move forward with other deals it has in the pipeline.
Filling a gap in uptown Charlotte
Construction will start in earnest on the project in the next couple weeks, Sunju Patel said. That will mean clearing and grading of the site will soon start.
One update to the uptown Moxy is that there will be a Starbucks coffee shop on the ground floor.
The TMGOC venture is also building a Moxy hotel in Charleston, Patel said. The group has been eyeing Charlotte as another market to develop in. Patel said the uptown area is projected to see a comeback in terms of post-pandemic business travel.
Once built, the Moxy will fill a gap in terms of what other hotels in the area offer, Patel said.
Patel also pointed to nearby developments as reasons to be excited, including a rebrand of the Epicentre, once the hot spot destination for nightlife in uptown. He also noted a plan to renovate the Spectrum Center. And he likes to see that there are non-sporting related events at the basketball arena.
“The more life there is after 5 p.m., the more we like that area,” Patel said.
Plus, today’s business traveler is looking for something fun, not just a hotel room to go to to unwind.
“You don’t need to leave the hotel to go have fun somewhere else,” he said.
This story was originally published January 10, 2023 at 1:53 PM.
