Moxy Hotel Among New Industrialized Revolution
The Downtown Oakland’s bustling Uptown District is about to get a new Moxy Hotel, a welcome change of pace to a dismal year of coronavirus-linked business shutdowns that eviscerated the global hospitality industry.
Construction has just been completed on the 172-room Moxy Oakland Downtown, a boutique lodging that will represent a rarity for the East Bay’s largest city: one of the first new hotel projects in Oakland in roughly a decade.
The hotel is located at 2225 Telegraph Ave. in Oakland’s Uptown, a neighborhood of restaurants, nightspots, entertainment hubs, cocktail lounges, and theaters.
The hotel was jointly developed by Tidewater Capital, a San Francisco-based real estate firm with both development and investment expertise; and Graves Hospitality, a hotel management firm with veteran expertise.
The new Moxy officially opened on Wednesday and began taking reservations and accepting guests, the hotel’s owners said. Moxy is one of Marriott’s brands and typically features smaller rooms and appeals to younger guests.
Tidewater Capital and Graves Hospitality built the hotel in what is known as an opportunity zone, which is a lower-income area where property investments can be made with considerable tax advantages.
The hotel was built using modular construction, a sustainable building approach that can create a more efficient construction process. Tidewater reduced the construction time by 25% using the modular technique.
“Tidewater partnered with Creative Growth, a local non-profit that serves artists with developmental, intellectual, and physical disabilities, to feature an array of eclectic, urban artwork throughout the hotel,” the developers stated in a prepared release.
Tidewater Capital, LLC (“Tidewater”) is a real estate private equity firm organized in 2013 to acquire, develop, reposition, and operate real estate projects throughout the United States with a particular focus on the San Francisco Bay Area. Tidewater seeks value-add and opportunistic investments that provide superior risk-adjusted returns to its investors. The company focuses on assets that can benefit from entitlement, development, rehabilitation, repositioning, and/or improved management to create and capture incremental value.