Rochester’s First Qualified Opportunity Zone Project, Hyatt House Rochester Mayo Clinic Area, Opens for Business
ROCHESTER, Minn., March 30, 2021 (Newswire) – After nearly three years of planning and zoning, 20 months of construction, and a global pandemic that presented unique development challenges, joint-venture partners EKN Development Group [EKN] and PEG Companies [PEG] formally opened Hyatt House Rochester Mayo Clinic Area, Thursday. With In-Group Hospitality: A PEG Company [IGH] managing operations, the highly anticipated hotel has begun checking in guests.
Located at 315 1st Ave NW, Hyatt House Rochester Mayo Clinic Area will provide much-needed apartment-style extended stay accommodations for patients and families visiting the neighboring Mayo Clinic from all around the world. The 172-key property boasts fully equipped functional kitchens, comfortable living rooms featuring Hyatt’s signature Cozy Corners, spacious bedrooms, and stylish bathrooms in each of its suites.
Hyatt House Rochester Mayo Clinic Area became the first-ever Qualified Opportunity Zone [QOZ] project to break ground in the City of Rochester back in April 2019. The property continues to receive positive support from the community and Destination Medical Center [DMC], a statewide economic development initiative designed to position Minnesota as a global center for the highest quality medical care and to generate high-value jobs, new tax revenue, and businesses. Because of the vital role in the initiative that Hyatt House Rochester Mayo Clinic Area plays, public officials deemed construction of the hotel an ‘essential business’ during the COVID-19 shutdown, allowing development to continue during the pandemic with proper health and safety protocols in place.
“In many ways, the pandemic provided us with opportunities to rethink and improve our design,” explained Cameron Gunter, Founder and Chief Executive Officer at PEG. “We quickly adapted our plans to provide an enhanced hospitality experience equipped with the latest technology including touchless doors, an abundance of hand sanitizer stations, and other improvements to maximize the project’s ability to operate in a post-COVID-19 environment.”
“From the first day of discussions to acquire the American Legion property, and discussions with our neighbor, the world-renowned Mayo Clinic, EKN was welcomed by the community with tremendous support,” said Ebbie K. Nakhjavani, Founder and Chief Executive Officer at EKN Development Group. “The City Stakeholders and DMC’s well-structured framework for investment and development in Rochester contributed to making the Rochester Hyatt House a reality and exceptional success.”
PEG, EKN, and IGH plan to hold a socially distanced ribbon-cutting ceremony to celebrate the project’s success and thank the community on June 22, 2021. Those interested in attending can send an email Ali Monsen at [email protected] to inquire about event details or request an invitation.
About EKN Development:
EKN Development Group [“EKN”] was founded in 1995 as a real estate development firm, specializing in premier hospitality, retail, mixed-use, and high-density residential developments. EKN draws upon its leadership’s decades of experience to create and deliver outstanding projects in first-rate locations to its investors and communities. EKN currently has over 1,400 hospitality keys in development, and well over 3,000 hospitality keys in its project pipeline. Additionally, EKN has 350 residential units in development, as well as retail and restaurant spaces across the Western United States. For more information about EKN, visit ekndevgroup.com.
About PEG Companies:
PEG Companies [“PEG”] was founded in 2003 and is now one of the fastest-growing commercial real estate investment, development, and asset/property management firms in the West. With $1.5 billion AUM, PEG’s mission is to create opportunities through grit, ingenuity, and expertise—providing the premier real estate investment experience. PEG owns and manages more than 5,200 hospitality keys across the U.S. and Canada with over 2,800 multifamily housing units, an additional 1,400 units under development, plus office, retail, and industrial space across the West. The firm sponsors multiple investment products on behalf of its investors and has produced net annualized returns of over 25% for the strategies it pursues. For more information about PEG, visit pegcompanies.com.
About In-Group Hospitality: A PEG Company:
In-Group Hospitality: A PEG Company [“IGH”] has always believed that enduring success begins with the experience delivered to the guest, fostered by the relationships built with top-quality associates and development partners. In the five-plus decades since the Pearson family founded what would eventually become In-Group Hospitality: A PEG Company, the group has grown into a leading hospitality group with a portfolio of more than 30 properties in 13 states and hundreds of associates. As an innovative and efficiency-integrated business, IGH counts its expertise in hotel management, investment, and development as the pillars to continued growth and equity holder satisfaction. Based in Provo, Utah and helmed by CEO Graydon Pearson, IGH manages over 3,000 keys under some of the most recognized hotel brands including those from Hilton Hotels Group, Marriott International, Hyatt Hotels, and IHG.
About Hyatt House:
Hyatt House, a brand of Hyatt Hotels Corporation, launched in 2012 and offers more than 75 locations throughout the United States, China and Puerto Rico. Inspired by extensive research into guest experiences, Hyatt House hotels offer services, amenities, upscale spaces and a casual, comfortable environment that reminds guests of home. For more information, please visit hyatthouse.com. Join the conversation on Facebook, and tag photos with #HyattHouse and #WhySettle.