Industry legend Jack DeBoer, founder of Residence Inn, Summerfield Suites, Candlewood Hotel Group and Value Place, has launched his fifth national brand: WaterWalk, an upscale hotel-apartment hybrid franchise brand that borrows from both the extended-stay-hotel and apartment markets.
The Wichita, Kansas-based WaterWalk concept combines apartments and hotel services into a gated, purpose-built community with a two-building, 116,000-square-foot (10,777-square-meter), US$11.5 million (plus land) development opportunity.
The concept allows for short, flexible leases, all-inclusive pricing, 24-hour customer service and furnished or unfurnished options.
Options include one- to three-bedroom units, gym membership, 24/7 shuttle and concierge services, free in-room breakfast, housekeeping, Internet access, full kitchen, on-site storage and parking.
A proprietary construction formula emphasizing energy efficiency and smart space design helps keep operating costs to a minimum and allows the property to be managed 24/7 with only eight employees. The on-site team is cross-trained to step into one another’s jobs, operating within a company culture that focuses on concierge standards of service and a sense of community. Because of their unique design, WaterWalk Apartments are zoned for commercial use, allowing stays for less than 30 nights in most markets.
According to WaterWalk reports, in the first month of operations at the Wichita property, all the apartments in the first building were occupied without any form of discounting. The second building opens November 1, and 15 units are already pre-leased or reserved.
The group claims that investors have already claimed franchises and sites in St. Louis, Missouri; Charlotte, North Carolina; Indianapolis, Indiana; Houston, Texas; Louisville, Kentucky; and Atlanta, Georgia.
“At its heart, we have reverse engineered both the extended-stay hotel and apartment industries, taking the best from each, while eliminating their respective limitations, inflexibilities, and inconveniences,” said the 83-year-old DeBoer.