McNeill Hotel Investors Acquires Newly Built Hyatt Place Huntsville / Research Park, Alabama
McNeill Hotel Investors ("McNeill") announced today the acquisition of the newly built 131-room, upscale select service, Hyatt Place Huntsville / Research Park, AL, adding to the company's growing portfolio as its fourth property in the state. The hotel opened to guests on December 15. The announcement was made by Phillip McNeill, Jr., the company's chief executive officer.
The Hyatt Place Huntsville / Research Park features 24/7 Coffee to Cocktails Bar with Starbucks products, business center, meeting space, outdoor pool, fitness center, guest laundry, veranda with exterior lounge, in addition to a patio and garden area.
The Hyatt Place Huntsville / Research Park is conveniently located in the northwest quadrant of Research Park Boulevard NW / Madison Pike within the Bridge Street Town Centre, a premier mixed-use lifestyle center in Huntsville featuring over 80 shops and restaurants and a 14-screen Cinemark movie theater. Bridge Street Town Centre also features a five-acre lake, carousel, train ride, walking trail and live weekend musical entertainment.
The Hyatt Place Huntsville / Research Park is also close by to the US Space and Rocket Center, the University of Alabama Huntsville Bevill Convention Center, Cummings Research Park, Jackson Convention Center and Charger Field. It is also less than 8 miles away from Downtown Huntsville to the east and Huntsville International Airport to the west.
As Alabama's second largest Metropolitan Area, Huntsville is a major economic driver for the state and the entire southeast United States. As a well-known hub for aerospace, research and military technology, Huntsville is home to Redstone Arsenal, NASA's Marshall Space Flight Center and the Cummings Research Park (CRP), the second largest research park in the United States and the fourth largest in the world.
Major employers in Huntsville include the U.S. Army Redstone Arsenal, NASA/Marshall Space Flight Center, Huntsville Hospital, The Boeing Company, Huntsville City and Madison County schools, Huntington Ingalls Industries and the University of Alabama in Huntsville (UAH).
Among new economic development, Toyota and Mazda have announced the selection of Hunstville as the site of their new joint-venture manufacturing plant, a $1.6 billion investment with the capacity to build 300,000 vehicles annually. Production is expected to begin by 2021. The site is 14 miles from Toyota Motor Manfacturing of Alabama. Also, Facebook plans to open its new $750 million data center in Huntsville in 2020, with a focus on renewable energy in partnership with the Tennessee Valley Authority.
"We are proud to acquire and manage this outstanding newly built property in a market with which we are familiar as we expand our partnership with this Hyatt select service brand," said McNeill. "Rocket City features a major metropolitan area and prosperous economy with a hometown feel, making it attractive to employers, visitors and residents," added Mark Ricketts, the company's president and chief operating officer. "This diverse economy includes strong contributions from aerospace, military technology, health care, advanced manufacturing, data services and education with the University of Alabama in Huntsville."
"Additionally," Ricketts continued, "the hotel itself benefits from a great location within the Bridge Street Town Centre with many other Huntsville attractions nearby. We are pleased to be partnering once again with Hyatt, as we add a second Hyatt brand property to our McNeill select service portfolio."
The acquisition by McNeill Hotel Investors was facilitated by capital secured by McNeill through New York-based Almanac Realty Investors LLC.
McNeill Hotel Investors and McNeill Hotel Company now own and manage 25 select service hotels across the Southeast, the Midwest and Mountain West States, with several additional properties in the acquisition and development pipeline.