- PEG Development, Rafanelli & Nehas/Hyatt
PEG Development, in conjunction with Rafanelli & Nehas unveiled plans this morning for Hyatt Place: a 152-room hotel set to be located at 1024 W. Bannock St. in downtown Boise. The project includes a fitness room, a spa, a full bar and meeting space.
The hotel's developers have said that construction will take approximately 13 months and is set to begin in early November. Plans for the development have already been through the design-review process at Boise City Planning and Zoning, according to a PEG spokesperson. There is no word yet on how much the project will cost.
"This hotel will bring a new and dynamic guest experience to the marketplace and is great example of our continued focus on growing premium hotels that will service corporate, group and leisure travelers alike," wrote Hyatt Director of Real Estate and Development Mark Younadam.
In March, Pennbridge Capital announced plans to build a 180-room hotel near the corner of Capitol Boulevard and Broad Street. Days later, Obie Development Partners LLC of Eugene, Ore., announced it will build The Inn at 500 Capitol, a 104-room boutique hotel also on Capitol Boulevard. In June, Gardner Company unveiled plans for a 200-300-room "brand name" hotel as part of a four-block development near the Boise Connector. The Grove Hotel is also undergoing an expansion that could add more than 400 guest rooms on peak nights.
However, a study conducted for the city of Boise, the Capital City Development Corporation and the Greater Boise Auditorium District by PKF Consulting has suggested that not all of these projects will reach completion, but the City of Trees will need to add at least 580 hotel rooms in the next six years. Currently, downtown Boise's 10 hotels have a total of 1,290 rooms, but face at least 80 percent occupancy on Tuesdays and Wednesdays, and 70 percent occupancy Monday through Friday.
The study also pointed to Boise's lack of convention space and the absence of a brand-name hotel where conventions can be booked—a factor PEG CEO Cameron Gunter indicated sets Hyatt Place apart from other downtown hotel developments.
"We realize that there have been other hotels announced in downtown Boise. We believe the combination of a great location, a wonderful brand, and a relatively low-cost structure places us in a strong competitive position," he wrote in the release.