CBL Properties and Vision Hospitality Group Announce Development of an Element Hotel by Westin® at Mayfaire Town Center in Wilmington, North Carolina
19 January 2023 - 1:00AM
Business Wire
CBL Properties (NYSE:CBL) and Vision Hospitality Group, Inc.
today announced plans to develop a 139-room Element by Westin at
Mayfaire Town Center in Wilmington, North Carolina. The new hotel
marks the brand’s entrance into the Wilmington market. The
83,000-square-foot hotel will be located on International
Drive.
“We are thrilled to partner with Chattanooga-based Vision
Hospitality Group to bring the unique lodging experience of Element
to Mayfaire Town Center,” said Stephen Lebovitz, chief executive
officer of CBL Properties. “CBL’s strategy is to bring new uses to
our properties such as entertainment, dining, multi-family and
hotels. The addition of the Element hotel will further enhance the
premier mix of retail, restaurants, entertainment, and other
options already available at the property.”
Offering many of the comforts of home, Element caters to those
looking to stay both short and long-term. Element hotels have an
outdoor-inspired, sustainability-focused design philosophy, and
feature spacious and airy guest rooms with in-room kitchens,
spa-inspired bathrooms, and signature Heavenly® Beds.
“CBL Properties has been a valued partner of ours,” said Mitch
Patel, Vision President and CEO. “We are excited to collaborate
with them once again to address the significant market demand and
introduce the Element brand to the Wilmington area.”
Construction on the project is expected to begin soon with an
anticipated opening in spring 2024. The hotel is being developed in
a 49/51 joint venture between CBL and Vision Hospitality.
About Vision Hospitality Group
Chattanooga-based Vision Hospitality Group, Inc. is a leading
hotel development and investment company with an unwavering
commitment to quality and integrity. Although the company’s roots
date back to 1978, Vision Hospitality Group, Inc. was officially
formed in 1997 by President & CEO Mitch Patel. Still
family-owned and operated today, Vision has a hotel portfolio and
pipeline of premium select and full-service hotels affiliated with
the Hilton, Marriott, Hyatt and InterContinental brands. To learn
more about Vision Hospitality Group, Inc., visit www.vhghotels.com
or at www.facebook.com/vhghotels.
About Mayfaire
Mayfaire is a shopping, dining and entertainment experience
comprised of Mayfaire Town Center (owned and managed by CBL
Properties) and Mayfaire Community Center (managed by CBL
Properties). The 610,000-square-foot Town Center is anchored by
Belk and a 16-screen Regal Cinema, featuring an IMAX theater, as
well as junior anchors, including The Fresh Market, World Market,
Pottery Barn, ULTA and Michael’s. The center offers leading retail
brands, such as Athleta, Chico’s, H&M, LOFT, White House |
Black Market and Williams Sonoma and restaurants, including Brixx
Wood Fired Pizza, Which Wich and CAVA Restaurant.
The Community Center is 210,000-square-feet anchored by a
high-performing Harris Teeter, Dick’s Sporting Goods, Marshalls and
PetSmart as well as 48,000 square feet of retailer shops, including
Panera Bread Co., Five Guys Burgers & Fries and Chick-fil-A.
For more information please visit Mayfaire.com, find us on Facebook
@Mayfaire, Twitter @MayfaireTown or Instagram
@mayfairetowncenter.
About CBL Properties
Headquartered in Chattanooga, TN, CBL Properties owns and
manages a national portfolio of market‑dominant properties located
in dynamic and growing communities. CBL’s owned and managed
portfolio is comprised of 95 properties totaling 59.6 million
square feet across 24 states, including 57 high-quality enclosed
malls, outlet centers and lifestyle retail centers as well as more
than 30 open-air centers and other assets. CBL seeks to
continuously strengthen its company and portfolio through active
management, aggressive leasing and profitable reinvestment in its
properties. For more information visit cblproperties.com.
Information included herein contains “forward-looking
statements” within the meaning of the federal securities laws. Such
statements are inherently subject to risks and uncertainties, many
of which cannot be predicted with accuracy and some of which might
not even be anticipated. Future events and actual events, financial
and otherwise, may differ materially from the events and results
discussed in the forward-looking statements. The reader is directed
to the Company’s various filings with the Securities and Exchange
Commission, including without limitation the Company’s Annual
Report on Form 10-K and the “Management’s Discussion and Analysis
of Financial Condition and Results of Operations” included therein,
for a discussion of such risks and uncertainties.
CBL_Prop
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version on businesswire.com: https://www.businesswire.com/news/home/20230118005124/en/
Investor Contact: Katie Reinsmidt, Executive Vice President
& Chief Investment Officer, 423.490.8301,
Katie.Reinsmidt@cblproperties.com Media Contact: Stacey Keating,
Vice President – Corporate Communications, 423.490.8361,
Stacey.Keating@cblproperties.com
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