Troutbrook Wins Contract to Build New Brooklyn Hotel
Troutbrook Company has been awarded the right to build the first Marriott/Fairfield Inn in the Borough of Brooklyn.
The approximate 140 room Marriott branded hotel in Downtown Brooklvn, was approved by the Marriott board in late August and will have various amenities, including meeting rooms, a full business center, gym and an 11th floor roof deck that will allow the viewer vistas of the Manhattan skyline. Plans also include scope for a potential cafe and wine bar.
At this time a restaurateur/operator is not yet defined and the developer is entertaining prospects.
Marc J. Freud, a principal of Troutbrook, said his firm was delighted to have been given the opportunity to build the first Marriott/Fairfield Inn hotel in the Borough of Brooklyn.
"Marriott had the ability to choose from a handfui of development teams in the borough which presented proposals to the hotel conglomerate ," said Freud.
"The approval process and winning of the franchise came down to the track record and financial capability of the development team."
Marriott International is one of the largest hotel conglomerates in the world and executes Marriott branded hotels such as The Residentes at the Ritz Carlton, Bvlgari Hotels and Resorts and a new urban hotel concept soon to be rolled out in CBD marketplaces with Ian Schrager, widely credited as being on the forefront of boutique hotel design.
This Brooklyn hotel will join the approximate 515 Fairfield Inns throughout the United States.
In the Mid Price Rankings, Fairfield Inn by Marriott placed above the competitive market set of the two newest downtown Brooklyn hotels; Holiday Inn Express and Comfort Suites.
Freud believes that guests will have a better "staying experience" than perhaps some of the other hotels coming into the market due to the superior amenity package that will be offered and the innovative architectural and interior design of the accommodations.
Upon completion, the ADR is expected to be in the low to mid$190's upon the hotel opening in late 2009.
The hotel contract comes following a strategic move by Troutbrook to diversify its development strategy.
According to Freud, "After noticing changes in the debt markets about 10 months ago, we did alter our strategy. The Manhattan occupancy rate for Manhattan hotels hit a record in 2006 at 86.1% occupancy and we decided that the market had room for more growth."
With 1,800 rooms being proposed in Brooklyn, Troutbrook is staying focused on the competition and Freud said his company plans to compete for some of the new hotels being proposed that are going after 'Generation Y' occupancy, such as the Aloft branded hotels under construction in several locals of New York City.
Troutbrook continues to acquire development sites and added value deals in the Boroughs of New York City. Troutbrook presently has $30 million of construction projects.