Developers Prepared to Move Forward With an Element by Westin Hotel in Uptown
Element by Westin hotel in Uptown
After about two years in the pipeline, local developers are ready to move forward on the state’s first Element by Westin hotel in Uptown.
The Covid-19 pandemic had put things on hold, but now Lance Sigmon and Brad Allen of Allen Sigmon Real Estate Group, and Prakash Sundaram of Total Management Systems, are ready to break ground as early as next month, according to Total Management System’s development and design manager Adriana Gronager.
Construction is expected to last about two years and the hotel is expected to be operational by October or November 2023, she said.
As of Thursday, Sundaram’s building permit application for the Element hotel with the city of Albuquerque is in review.
“We waited a little bit to see how our other properties were performing,” Gronager said of the decision to move forward now on the hotel. “As soon as the governor lifted a lot of her strict state mandates, we saw the travel starting to pick up and we just thought it would be a great time to penetrate that market right now.”
A conceptual rendering of the Element by Westin’s rooftop bar, which will be called Volaré, which translates to “to fly.
The project is planned for 2430 Louisiana Blvd. NE, Gronager said. The Marriott-branded hotel will be seven stories tall, offer 120 rooms and a rooftop bar called Volaré, which translates to “to fly,” she said. The hotel will offer both overnight and extended-stay options that Gronager compares to a mini studio apartment with a kitchen.
“Prakash is such a visionary. He comes up with these great ideas and wanted something that was special, that we can be proud of, that would be something unique and different — more of a destination rather than just another hotel,” Allen said.
The project will cost $32.5 million, Gronager said. Sundaram Builders — Sundaram’s construction company — is the project’s general contractor. Base4 is the architecture firm handling the design, Gronager said. Upon completion of the hotel, it will be managed by Total Management Systems. Allen said Southwest Capital Bank will provide the financing for the project.
Allen said the three owners were inspired to bring an Element to Albuquerque after a trip to Dallas a few years ago. He added that the Element has a cool, modern sophisticated look to it that wasn’t over the top.
The Element hotel will be located just southwest of the Uptown Tower office building at 2440 Louisiana Blvd. NE, another venture that Allen, Sigmon and Sundaram worked on. The three have also partnered on the 90-room Home2 Suites by Hilton Alamogordo that opened in June, a 126-room Courtyard by Marriott Las Cruces that opened in summer 2019 and a Home2Suites at 1660 University Blvd. NE.
Originally reported on ABQ Biz First: https://www.bizjournals.com/albuquerque/news/2021/09/24/total-managment-allen-sigmon-build-element-hotel.html Allen Sigmon Real Estate Group is a full-service commercial real estate company based in Albuquerque with an expertise in acquisitions, brokerage, development, and property management. As a local company, we pride ourselves in our knowledge of the New Mexico commercial market and the relationships we are able to foster compared to larger national firms. Our office works with every kind of commercial property; including office, industrial, retail, land, and multifamily. Our understanding of client needs and concerns not only comes from our experience as an office but also as owners and investors of commercial property ourselves. We have an excellent team in place that is eager to work on your behalf; our results speak for themselves.