Moxy Hotel to open in Oakland, California in 2021

Amy Horsfield By Amy Horsfield
22 February 2019 | Updated 22 February 2019

US: EJF Capital LLC has announced that it has joined Tidewater Capital and Graves Hospitality to develop a new Moxy hotel in the Uptown neighbourhood of Oakland, California.

Uptown Oakland qualifies as an "Opportunity Zone" under the Tax Cuts and Jobs Act of 2017 and offers investors attractive tax benefits to create economic growth.

Marriott International's planned Moxy hotel, which is scheduled to open in 2021, features 173 rooms and targets millennial travellers.

Neal Wilson, EJF co-founder and chief operating officer, said: "This is exactly the type of investment the Opportunity Zone program is intended to generate. And we are pleased to support the greater Oakland community through the development of this exciting hotel concept, which is expected to bring 50 permanent jobs to downtown. Along with our partners, Tidewater and Graves Hospitality, we believe that this is the right time to invest in Oakland, a dynamic, expanding city that welcomes growth capital."

Asheel Shah, EJF's senior managing director and head of real estate development, added: "The Moxy will appeal to a powerful demographic with growing salaries and an appetite for travel. We are investing with a team that has an outstanding track record in developing property in urban environments locally and across the country. We are proud to be playing a part in the growing Oakland business community."

EJF is providing equity capital for the project primarily from EJF OpZone Fund I LP, a fund formed by the global alternative asset manager last year specifically to invest in new construction projects within opportunity zones. San Francisco-based real estate investment manager and developer Tidewater Capital led the effort to entitle the site and will manage the construction process. Graves Hospitality is one of Marriott's exclusive partners for development of the Moxy brand.

Craig Young, managing principal of Tidewater Capital, commented: "This is an innovative project representing a two-year grassroots effort with community input to create something very special in Oakland. We're excited to take an under-utilized site and, with EJF and Graves, deliver a high-density, high-quality sustainable development in one of Oakland's most vibrant neighbourhoods."

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