Deal Summary:

2007 ground-breaking for a 419 unit residential condominium tower development
2008 residential condominium tower development halted
2009 residential condominium development forced into bankruptcy
2012 Vision Ventures purchased the unfinished project along with the Air Rights
2014 Vision Ventures determined that Hospitality would prove highest and best use
2015 Vision Ventures partnered with the McKibbon Hospitality Group
2016 Charlotte’s FIRST Marriott AC flag is approved
2016 Charlotte’s FIRST Dual Branded Hotel commences with the addition of 37,000 square feet of Retail, a rooftop lounge and Super Suite
2018 AC/RI Hotel openings and Nuvole22 Rooftop Lounge/SuperSuite opening

In 2007 a 53 story, 419 unit residential condominium project was planned for the “air rights” above the EpiCentre, a 320,000 sf mixed use project in downtown Charlotte, N.C. The project’s foundation, 4 stories of subterranean and 5 stories of vertical construction came to a halt in 2008. The project failed for a number of reasons and the original developers were forced into bankruptcy. In 2012 Vision Ventures purchased the “air rights’ from US Bank. (REO).

In 2014, Vision Ventures concluded that hospitality would be the highest and best use for the air rights space. After completing their due diligence on hotel operators Vision Ventures partnered with McKibbon Hospitality in 2015. Building on what was originally designed to be a residential condominium tower posed significant challenges but also provided opportunities for creativity. The remnants of the original structure had to be structurally reconfigured to support an efficient hotel design. After assembling a design and construction team Vision Ventures and McKibbon Hospitality began work on the 22-story tower in January 2016, with the certificate of occupancy obtained in 2018.

The dual-branded hotel will include a 116-room Residence Inn and a 184-room AC Hotel, both Marriott brands. 10,000 square feet of restaurant/retail space as well as a 27,000 square foot amenity deck. The tower will feature a rooftop with an independently operated restaurant, Nuvole Rooftop, and an ultra-luxe “Super Suite”.

The dual-branded hotel tower brings 300 new rooms to uptown Charlotte, providing two distinct options for travelers: the European-style boutique AC Hotel and the extended-stay comfort of a Residence Inn. AC Hotels, Marriott International’s newest upper-moderate boutique lifestyle brand, caters to creative, well-traveled, entrepreneurial spirits with a millennial mindset. The design-led, classically modern AC Hotel will be the first of its brand to open in Charlotte. Residence Inn created and defined the Extended Stay lodging category by offering spacious suites that are designed for longer stays with separate living, working and sleeping areas to work and relax. This project is the first “double stack” hotel in North Carolina.