Rockford Construction named preferred builder for WaterWalk franchise system
WaterWalk Hotel Apartments, Jack DeBoer’s fifth national brand, has executed an agreement with a Rockford Development Group venture, led by Paul Roberts of Rockford and hotel industry veteran Rob Mossburg, to initially develop eight WaterWalk franchises. The properties will be located in San Antonio, Denver, Dallas, and Austin, with construction of the first San Antonio property targeted for April of this year. Along with this announcement, Rockford Construction of Grand Rapids, Michigan was named the preferred builder for WaterWalk corporate properties and the WaterWalk franchise system.
WaterWalk Hotel Apartments was created by entrepreneur Jack DeBoer, the founder of Residence Inn, Summerfield Suites, Candlewood Suites, Value Place, and co-founder, along with Mossburg and other partners, of Summerfield Suites. The system’s first property in Wichita, Kansas opened in November 2014 and is producing exceptional early operating results.
“This announcement comes on the heels of a $100 million deal we completed with U.K.-based investment firm, Henley,” said David Redfern, President, WaterWalk Real Estate & Franchise Development. “And this deal is further evidence that WaterWalk is an attractive opportunity for investors to add strong assets to their real estate portfolios as they provide the revenue potential and returns associated with upscale extended-stay hotels and the capital structure and valuation of apartments. With this latest agreement, we now have 27 WaterWalk properties in various stages of development.”
According to Rob Mossburg, “It is a personal pleasure to again work with Jack and his team in what may very well be the creation of a new category in the lodging and multifamily space. It’s clear to us that the major brands are gravitating away from the true extended-stay customer in favor of shorter-term guests. At the same time, the apartment renter has a cumbersome point of purchase and very little length of stay flexibility. WaterWalk strikes us as essentially the first purpose-built furnished apartment, and not surprisingly, we are impressed with the approach WaterWalk has adopted in making economic returns for its franchisees its top priority. This commitment, coupled with Rockford’s development expertise, financial strength, and stellar construction track record – including extensive multifamily and lodging experience – bodes well for the success of our partnership.”
Earlier, WaterWalk signed a $100 million deal with Henley to build five WaterWalk Hotel Apartments on sites in Albany, Charlotte, Fort Lauderdale, and North Orlando, with construction slated to begin on March 16 in Fort Lauderdale. Also in 2016, WaterWalk will be breaking ground on properties in Denver, Tulsa, Raleigh, Louisville, Minneapolis, Kansas City, and Chicago.
Companies using WaterWalk for their corporate housing needs will find an added level of convenience and quality compared to other corporate housing facilities, including a national sales team and full support staff that are accessible and available on-site 24-hours a day for any guest needs, increased flexibility in lengths of stay, and premier safety and security measures. WaterWalk’s Wichita location has already drawn corporate lodging rentals from many Fortune 1000 companies.
Headquartered in Wichita, Kansas 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. With a full-service “Gold” package, guests enjoy housekeeping, a fully furnished apartment, and complimentary, delivered breakfast. WaterWalk Hotel Apartments is the fifth national brand started by Jack DeBoer, including Residence Inn, Summerfield Suites, Candlewood Suites, and Value Place.