Hyatt Place Iowa City

Iowa City, IA   |     585 Rooms      |     Investment, Development

Opportunity
In 2015 CA Ventures was awarded an RFP from Iowa City to construct a mixed-use residential, hotel, office, and retail development at the prominent corner of Court & Linn Street in Downtown Iowa City, IA – a few blocks from the entrance to the University of Iowa.  The University is the cultural unifier of Iowa City and is also the major economic engine. The University of Iowa, enrolling over 32,000 students, is organized into 11 colleges with more than 200 majors and 7 professional degrees. The Iowa Hawkeyes have 24 varsity-level sports teams that participate in Division I NCAA athletics and are members of the Big Ten Athletic Conference.  During the RFP negotiations and initial planning, CA Ventures and the City of Iowa City had agreed upon a plan that would consist of two towers – the 14-story South Student Living tower and the 12-story North Hotel tower was planned to include a hotel, office space, and ground floor retail.  The dual-building scheme and outdoor courtyard concepts provided Iowa City its desired mixed-uses, sustainable design, high-density, and a striking exterior design. Through a strategic relationship with CA Ventures, Janko Group was selected as an investment partner, co-developer, and Janko Hospitality is property manager for the hotel located in the North Tower.

Results
After a 2-year construction process the development and the hotel successfully opened in September 2018. The project consists of two towers – the 14-story South Student Living tower includes 332 units made up of studio, 1, 2, and 3-bedroom units for 585 beds in total. The North Hotel Tower consists of 151 hotel rooms on floors 5-12, hotel amenities on floors 2-3, 22,000sf office on floors 3-4, and 6,000sf of ground floor retail.  These two towers sit atop a common podium base which includes 300 parking and 200 bicycle spaces. This massive development has positively transformed the neighborhood providing streetscape improvements, pedestrian friendly access, attractive outdoor spaces, and a sustainable LEED Silver and Gold design.  The Hyatt Place hotel features 151 modern guestrooms on floors 5-12. The elevation rooms and floor to ceiling windows provide guests expansive views of Downtown Iowa City and the University of Iowa.  The hotel also features a warm and sleek 1st floor lobby bar and lounge, and 2nd floor breakfast lounge, a sunroom, 1,600sf of flexible meeting space, an oversized fitness center, and a pool. The hotel caters to the University and its visitors as well as the social and corporate business in Downtown Iowa City. The ground floor retail space is in the process of being leased to an upscale restaurant user.