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CBL Properties and Vision Hospitality Group Announce Development of an Element Hotel by Westin® at Mayfaire Town Center in Wilmington, North Carolina
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Rhea-AI Summary
CBL Properties (NYSE: CBL) and Vision Hospitality Group announced the development of a new 139-room Element by Westin hotel at Mayfaire Town Center in Wilmington, North Carolina. This project is significant as it marks Element's entry into the Wilmington market. The hotel will occupy 83,000 square feet and is part of a 49/51 joint venture between the two companies. Construction is expected to begin soon, with an anticipated opening in spring 2024. CBL's strategy focuses on diversifying property use, enhancing retail and dining experiences, and meeting local market demand.
Positive
Development of a new 139-room Element by Westin hotel increases CBL's property portfolio.
The project addresses significant market demand in Wilmington, NC.
Expected construction start soon with an opening targeted for spring 2024.
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CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
CBL Properties (NYSE:CBL) and Vision Hospitality Group, Inc. today announced plans to develop a 139-room Element by Westin at Mayfaire Town Center in Wilmington, North Carolina. The new hotel marks the brand’s entrance into the Wilmington market. The 83,000-square-foot hotel will be located on International Drive.
“We are thrilled to partner with Chattanooga-based Vision Hospitality Group to bring the unique lodging experience of Element to Mayfaire Town Center,” said Stephen Lebovitz, chief executive officer of CBL Properties. “CBL’s strategy is to bring new uses to our properties such as entertainment, dining, multi-family and hotels. The addition of the Element hotel will further enhance the premier mix of retail, restaurants, entertainment, and other options already available at the property.”
Offering many of the comforts of home, Element caters to those looking to stay both short and long-term. Element hotels have an outdoor-inspired, sustainability-focused design philosophy, and feature spacious and airy guest rooms with in-room kitchens, spa-inspired bathrooms, and signature Heavenly® Beds.
“CBL Properties has been a valued partner of ours,” said Mitch Patel, Vision President and CEO. “We are excited to collaborate with them once again to address the significant market demand and introduce the Element brand to the Wilmington area.”
Construction on the project is expected to begin soon with an anticipated opening in spring 2024. The hotel is being developed in a 49/51 joint venture between CBL and Vision Hospitality.
About Vision Hospitality Group
Chattanooga-based Vision Hospitality Group, Inc. is a leading hotel development and investment company with an unwavering commitment to quality and integrity. Although the company’s roots date back to 1978, Vision Hospitality Group, Inc. was officially formed in 1997 by President & CEO Mitch Patel. Still family-owned and operated today, Vision has a hotel portfolio and pipeline of premium select and full-service hotels affiliated with the Hilton, Marriott, Hyatt and InterContinental brands. To learn more about Vision Hospitality Group, Inc., visit www.vhghotels.com or at www.facebook.com/vhghotels.
About Mayfaire
Mayfaire is a shopping, dining and entertainment experience comprised of Mayfaire Town Center (owned and managed by CBL Properties) and Mayfaire Community Center (managed by CBL Properties). The 610,000-square-foot Town Center is anchored by Belk and a 16-screen Regal Cinema, featuring an IMAX theater, as well as junior anchors, including The Fresh Market, World Market, Pottery Barn, ULTA and Michael’s. The center offers leading retail brands, such as Athleta, Chico’s, H&M, LOFT, White House | Black Market and Williams Sonoma and restaurants, including Brixx Wood Fired Pizza, Which Wich and CAVA Restaurant.
The Community Center is 210,000-square-feet anchored by a high-performing Harris Teeter, Dick’s Sporting Goods, Marshalls and PetSmart as well as 48,000 square feet of retailer shops, including Panera Bread Co., Five Guys Burgers & Fries and Chick-fil-A. For more information please visit Mayfaire.com, find us on Facebook @Mayfaire, Twitter@MayfaireTown or Instagram @mayfairetowncenter.
About CBL Properties
Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market‑dominant properties located in dynamic and growing communities. CBL’s owned and managed portfolio is comprised of 95 properties totaling 59.6 million square feet across 24 states, including 57 high-quality enclosed malls, outlet centers and lifestyle retail centers as well as more than 30 open-air centers and other assets. CBL seeks to continuously strengthen its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. For more information visit cblproperties.com.
Information included herein contains “forward-looking statements” within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company’s various filings with the Securities and Exchange Commission, including without limitation the Company’s Annual Report on Form 10-K and the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included therein, for a discussion of such risks and uncertainties.
