The new property will be located across from The Centrum at Crossroads Mall at the intersection of Dillard Drive and Jones Franklin Road, just five miles from the center of downtown Raleigh. The property will break ground March 15 of next year.
While this location is currently being developed by the corporate brand, WaterWalk Hotel Apartments is seeking potential developers and franchisees for this location and others in the region. WaterWalk provides real estate and development services, sales and marketing support, operational and property management training, and other expertise to franchisees. WaterWalk’s rapid expansion throughout the country, with 35 new properties in different stages of development, demonstrates the unique benefits of combining the most popular aspects of apartments and hotel services into a gated purpose-built community with 138 units. Once completed, WaterWalk will offer corporate guests and other travelers extended-stay apartments and long-term apartments for those looking to relocate or settle in the region.
Hospitality consulting group The Highland Group estimates that the WaterWalk brand has the potential to capture one percent of the total market size and have demand for 10 million room nights in the coming years. WaterWalk’s Wichita location has already drawn corporate lodging rentals from Fortune 500 companies. Since its launch in September 2014, WaterWalk has achieved rates nearing full occupancy for the months of May and August. Without discounting room rates, June, July, and August’s occupancy rates were a strong 98 percent, with an average rate equal to upscale extended-stay hotels for the Gold Package and an above average market rent for the Silver Package.
“We have selected a thriving location for WaterWalk’s Raleigh debut, which closely follows our other site selection in Charlotte,” said David Redfern, President, WaterWalk Real Estate & Franchise Development. “This property will have high visibility and prime positioning across the street from The Centrum at Crossroads Mall, a staple shopping area in the Raleigh community. WaterWalk’s strategic selection processes ensure that our sites exhibit both optimal corporate presence and immediate livability, providing the best locations and accessibility for all of our customers.”
“While this new Raleigh location will be made available to potential developers and franchisees, it will make a fantastic addition to our portfolio whether we build it as a company-owned or franchise-owned location,” said Redfern. “The WaterWalk brand is poised for long-term success due to the increased demand for extended-stay, multifamily, and corporate housing in the market.”
To best accommodate diverse lodging needs, guests can choose fully-furnished one-, two-, and three-bedroom accommodations through WaterWalk’s Gold Package, which offers hotel-like amenities and services. Included in the Gold Package, tenants enjoy free gym memberships, 24/7 shuttle and concierge services, in-room breakfast, housekeeping, DirecTV with premium channels, Internet, on-site storage, and convenient parking. The all-inclusive Gold Package price is comparable to an upscale extended-stay hotel, but with the spaciousness and livability of an apartment.
The same property also offers guests a Silver Package of unfurnished one-, two-, and three-bedroom units based on leases as short as six months. Silver Package tenants do not face security deposits or application fees, and the all-inclusive rent includes the cost of utilities, Internet, telephone, trash removal, all kitchen appliances, a 186-channel premium DirecTV package, gym membership, and in-apartment washers and dryers.
Headquartered in Wichita, WaterWalk Hotel Apartments combines the most appealing features of an upscale extended-stay hotel with the lifestyle of apartment living. Guests may choose to stay a day, a week, a month, a year, or longer with an all-inclusive bill for utilities, TV, internet, phone, and concierge services. For the full-service Gold package, housekeeping, fully-furnished apartments, and breakfast are also provided. WaterWalk Hotel Apartments is the fifth national brand started by Jack DeBoer, founder of Residence Inn, Summerfield Suites, Candlewood Suites, and Value Place.