Cornerstone Hospitality Enters into Partnership to Form Creative Boutique Hotels

• 
  SAVE
• 
  SHARE
• 
  TEXT SIZE
• 
  PRINT
• 
  COMMENT
• 
  PDF

. April 29, 2013

April 29. 2013 - Cornerstone Hospitality, a member of the Boutique & Lifestyle Lodging Association, announced today that it has entered into a partnership with MB Contractors and Craddock Cunningham Architectural Partners, both of Virginia, to form Creative Boutique Hotels.

“We've been working collectively on several boutique hotel projects over the last year and felt that we all worked extremely well together. Having a team of partners who can bring a project together from start to finish is invaluable” said President and CEO of Cornerstone Hospitality, Kimberly L. Christner. “Our objective is to work in smaller towns and cities to redevelop downtown communities by restoring historic buildings and converting them into unique boutique hotels”.

The group has been working on historic repurposing of buildings as well as new construction boutique hotel projects throughout Virginia and Mid-Atlantic and is currently looking at other projects in several other states. They have been contacted by and worked with City leaders as well as private owners to identify and develop these projects. They currently have projects under development in Bristol, Virginia and South Boston, Virginia.

Hal Craddock, Principal, Craddock Cunningham Architectural Partners, said, “At one time in America's history, almost every small town or city had a popular and successful hotel in their downtown. We're looking at communities where we can bring that dynamic back to life...... Where a boutique hotel is a viable option not only as a “welcome mat” for the city, but also as a catalyst to bring a vibrant, downtown community back to life”.

Craddock is the visionary behind the Craddock Terry Hotel, which is operated by Cornerstone Hospitality and also a member of the Boutique & Lifestyle Lodging Association. The historic former shoe factory and tobacco warehouse now features a 44 room luxury boutique hotel, two popular restaurants, a 6,000 square foot event space and a micro-brewery, all located on the James River in beautiful downtown Lynchburg, Virginia. “This hotel is the perfect example of how a project like this can spur growth downtown and encourage entrepreneurial opportunities for unique shopping, independent restaurateurs, artisan boutiques and art galleries” Craddock said. “At the time we purchased these buildings they were an eyesore for the city producing a mere $600 in tax revenue. Now they are a functioning part of the community producing over $500,000 annually in tax revenue. In 2012, the Craddock Terry was named the #1 boutique hotel in Virginia and the two award restaurants consistently trade the #1 and #2 spots on TripAdvisor for the region. The hotel is operating at 80% occupancy with an average rate in the mid- $140's. As a result, we're currently looking to expand the project to add additional guestrooms, expand the brewery operation and add additional seating for the restaurants.”

“This partnership gives us the opportunity to work with other professionals with a similar vision; and, to seek out and identify exciting potential projects, work through the details to determine the viability, and then make something that was a deteriorating asset into a beautiful and functioning part of the community. This team is a great match for us”, said Todd Morgan, President of MB Contractors.

“It is our belief that there is a place for the unique and interesting boutique hotel in Small Town America, not just in the major metropolitan markets,” said Christner. “While not every small town can support a boutique hotel project, many just need the spark of vision to create a whole new dynamic. Our team can help other hometown visionaries bring downtown back to life and develop a community's historical buildings into valuable financial assets. Travelers are looking to escape from their hectic and busy lives. They are seeking out interesting places to go where they can vacation at a slower pace, enjoy more environmental travel opportunities, historical sites and outdoor activities like hiking, cycling, rafting, wine country, and working farms. Their lodging is part of that unique experience; it's a place that tells a story, a place they can quickly sink in and feel a part of. That's what a true boutique hotel does - it is a piece of their overall 'experience'. Every small town has a story and a small boutique hotel can help to tell it.”

About Creative Boutique Hotels

We are a Virginia based partnership focused on the development of boutique hotels in small markets, and on the repurposing of historic buildings as well as new construction. The partnership combines the talents of Cornerstone Hospitality, MB Contractors and Craddock Cunningham Architectural Partners. Cornerstone Hospitality conducts market analysis's, determines viability, makes recommendations for property size, styling and operations management. Hal Craddock of Craddock Cunningham Architectural Partners specializes in the vision, design and repurposing of historic structures. MB Contractors provides a solid foundation of construction costs and craftsmanship.

About Cornerstone Hospitality

Cornerstone Hospitality is an innovative boutique hotel management company dedicated to operating successful hotel properties through hands-on management, developing relationships with hotel teams and guests and driving bottom line profits for owners. Cornerstone's strategic plan is to expand its operations through thoughtful partnerships with communities and individuals who want to make a difference. We thrive on revitalizing historic structures into boutique hotels and creating sustainable neighborhoods, rejuvenating small towns and improving the lives of those who work and live in the communities in which these projects are located. This ongoing process is being achieved through future acquisitions, joint ventures and hotel third-party management agreements.

Our services include hotel development; feasibility studies for historic repurposing; asset management including renovation and property management; marketing, sales generation and revenue management; and operational consulting for improved performance. Cornerstone's primary focus is to collaborate with others to develop and manage upscale boutique, LifeStyle and upper-midscale branded hotel properties. The firm is in the process of developing two historic hotels in Virginia; is in the design and construction phase of a LifeStyle hotel in North Carolina; is overseeing the renovation $3 million renovation and operation of the first Hampton Inn & Suites built in the country; is actively involved in the expansion of the existing Craddock Terry Hotel; and has several third-party management contracts.

www.cornerstoneHospitality.com