Caliber Selected for a Hilton Development Award
Hilton has selected CaliberCos Inc., a sponsor of non-traded alternative investments, as a recipient of the 2021 Hilton Development Award
Hilton (NYSE: HLT) has selected Caliber, a sponsor of non-traded alternative investments, as one of 53 recipients of the company’s 2021 Americas Development Awards, which recognize the achievements of owners, development partners, and hotel teams in the Americas across several categories.
Caliber was selected for spearheading the ground-up build of the DoubleTree by Hilton Tucson Downtown, which opened in March of 2021.
The company said, “The construction and operation of the hotel has generated tax revenue and stimulated job creation in the area, and it is supporting the City of Tucson’s downtown re-visioning plan. It is also helping to meet growing demand for accommodations from visitors to Tucson from around the world.”
The hotel is located in the Rio Nuevo District, a Tax Increment Finance District (TIF) that was approved in 1999 to invest in projects that expand the city’s tax base and bring people and businesses to downtown Tucson. Construction of the hotel created significant economic benefits for the community of Rio Nuevo and the impact is anticipated to extend into the years ahead. The project provided approximately 130 construction jobs and 80 indirect construction jobs. The hotel, along with its lobby, bar, and restaurant, currently is supporting about 100 jobs and 34 indirect jobs at other local businesses.
“We are honored to be selected by Hilton for their Development Award, and even more honored to have been able to bring this hotel to Downtown Tucson and support its growing community and economy,” said Chris Loeffler, chief executive officer of Caliber. “As a team, we are committed to driving economic development through our investment projects and providing our investors with opportunities for competitive returns. The success of this property, which authentically reflects the rich culture of the area, speaks to the dedication we have to that mission.”
Caliber worked with local, Tucson-based companies to complete the key components of the hotel, including construction, design, and architecture. Ryan Companies served as the general contractor that helped build the hotel, while Caliber served as construction manager and developer. Swaim Architects served as the architecture team on the project and Within Studios led the interior design work.
The team pulled inspiration from the land and neighborhood around them, which is steeped in a long and storied history. The Barrio neighborhood in Tucson guided the design work by Florencia DeRoussel, principal, director of design, at Within Studios, while all the artwork throughout the corridors of the hotel is from local Tucson artists. The art pieces in the rooms and throughout the hotel are meant to replicate geodes as a nod to Tucson hosting the largest gem show in the world.
The 104,316-square-foot hotel includes 170 rooms, four suites and one executive suite. Amenities include a second-story pool and bar, a full-service restaurant, a coffee bar and a large meeting space.
Caliber is a middle-market alternative asset manager and fund sponsor with approximately $2.2 billion in assets under management and assets under development. The company sponsors private funds and private syndications, and conducts substantially all business through CaliberCos Inc., an asset manager that provides investment formation and management, real estate development, construction management, acquisitions and sales.
