JMA Ventures Acquires Key Land Parcel in Avon, Colorado With Plans for Dual Branded Hotel
AVON, Colo., June 9, 2022 (Newswire.com) - JMA Ventures, LLC is pleased to announce the recent acquisition of a 4.5- acre land parcel in a federally designated Qualified Opportunity Zone in the world-class resort community of Avon, Colorado, located minutes away from the Beaver Creek Resort and Vail Ski Resort. JMA Ventures has secured full design approvals, building permits, construction contract, construction loan, and franchise agreements to develop a 243-room, dual branded SpringHill Suites and TownePlace Suites by Marriott hotel. JMA Ventures acquired the site from local landowner Traer Creek, who has spent decades thoughtfully entitling the project as part of the larger Village at Avon Planned Unit Development. Traer Creek will remain involved in the development project as a minority investor.
Construction on site commenced immediately following the loan and land closing in partnership with the project's general contractor, RA Nelson of Avon, CO, and project architect WORTHGROUP Architects and Designers out of Denver, CO. The current construction schedule will allow for the project to open to the public in Q1 2024, in time for the 2024 ski season. Currently, there is a significant void in the Avon/Vail Valley for quality, mid-priced lodging options. The 243 room hotel will seek to offer visitors from the Denver region, as well as domestic and international travelers, a quality lodging option with all the benefits of the award-winning Marriott Bonvoy travel program. While the hotel's room product will largely be a prototype, JMA and WORTHGROUP sought to include signature design features typically unseen in a select service hotel, including a two-story atrium lobby and full-service bar featuring views of the Avon Valley, outdoor pool and hot tub, lobby fireplace, and outdoor recreation areas. As a dual branded hotel, the property will feature both standard hotel room types as well as extended stay options with kitchenettes in order to appeal to a wide range of guests.
The acquisition is JMA Ventures' first in the state of Colorado and fits into JMA's QOZ investment platform, which selectively identifies unique qualified opportunity zone tracts with attractive demographic and growth dynamics using its proprietary data-driven approach. JMA brings with it significant experience in developing, investing, and operating in premier mountain resort communities such as the Lake Tahoe region, Park City, Utah, and Red Lodge, Montana. JMA understands the unique challenges and opportunities of developing in mountain resort markets, which will prove invaluable in opening this best-in-class select service hotel.
About JMA Ventures, LLC:
Founded in 1986, JMA Ventures is a full-service investment and development firm headquartered in San Francisco, CA, focusing on real estate and leisure-lifestyle assets. With additional offices in Lake Tahoe, Santa Monica, and Sacramento, JMA actively manages all project phases, from inception and entitlement, construction and development, and through completion and operation to successful disposition. Currently, the firm is serving as managing partner of over $2.0 billion in existing assets spanning hospitality, leisure, residential developments, retail, and office. Their value-added approach has delivered outperforming returns across their portfolio base during their 35+ year history. Some of the firm's notable hospitality projects include the Aloft Reno, EPIC Steak & Waterbar San Francisco, Auberge Hearst hotel conversion in Downtown San Francisco, Kimpton Sawyer Hotel in Sacramento, Fairmont Heritage Place in Ghirardelli Square, Hayes Mansion Hilton Curio, and Hyatt Regency La Jolla. Visit jmaventuresllc.com to learn more.
About RA Nelson:
RA Nelson is an employee-owned, full-service general contractor specializing in the construction of commercial projects and custom homes in the mountains of Colorado since 1976. Headquartered in Avon in Colorado's Vail Valley, with a regional office near Aspen in the Roaring Fork Valley, RA Nelson also serves the areas of Summit County, Telluride and Steamboat. Visit ranelson.com to learn more.
About WORTHGROUP:
WORTHGROUP Architects & Designers is an award-winning design firm. Celebrating over 30 years since opening our doors in Reno, Nevada, in March 1990. The distinctly diversified WORTHGROUP family specializes in planning, and design for hospitality, gaming, entertainment, commercial mixed-use, community & wellness, multi-family and industrial projects of all sizes. From signature one-off venues to major destination resorts, we take the time to truly learn about our client, their goals and their customers. Our innovative team takes our clients' brand and creates an interpretive design that conveys their story. Our firm's creative team of designers, architects, interior designers, planners, and animators bring exceptional talent, skill and expertise to each project.
For media inquiries, please contact Jacqueline Berman at jberman@jmaventuresllc.com.
Source: JMA Ventures, LLC