Best Western International announced the first two deals signed in North America to develop its new urban boutique concept Vīb (as in Vibrant). In addition, the brand has announced the first international Vīb hotel will be developed in Seoul, South Korea. Best Western first announced Vīb, a chic, hip, urban boutique hotel concept focused on style, technology and guest engagement at the brand’s annual convention.
Vīb By Best Western
“Since the launch of Vīb we have had tremendous interest from hotel developers, especially entrepreneurs who have not developed Best Western hotels previously,” said Mike Muir, vice president Best Western North American development. “Vīb is the only boutique concept designed for the upper midscale hotel segment and fills a niche that developers and customers want. What is so exciting for Best Western is that Vīb is no longer a concept but is now a reality. We are thrilled that our first two projects in North America are in such high visibility markets like Miami and Chicago.”
Rebuild Miami-Edgewater, LLC is developing Vīb as the cornerstone of a larger residential and retail project on 7.3 acres in Miami’s Arts and Entertainment District. Located three blocks from the water, near the Art Center and the new EXPO Center being constructed, Vīb is being developed as a 200 room, 10 story hotel expected to break ground in November 2015.
“The site where we are developing Vīb is an eclectic neighborhood full of art studios, hip restaurants, and independent shops and is home to Miami’s famous festival, Art Basel. Our family has been involved in developing and investing in Miami for many years and we view this project as an example of our continued commitment to investing in our communities. This project will add to the vibrancy of the Arts and Entertainment District and be a boost to the local economy,” said Richard Meruelo of Rebuild Miami-Edgewater.
In Chicago, Vīb is being developed on Cicero Avenue across from the upscale, high traffic Midway Hotel Complex in the Chicago/Midway International Airport market, by entrepreneurs Balkrishna Patel and his sons Parth and Amit. With the unique size and shape of the site, this will be a very visible gateway three story, 74 room hotel. The area has seen a resurgence in commercial growth, with the city and local government spearheading the economic redevelopment of the area.
“We have been looking for a hotel development opportunity in this area for many years,” said Amit Patel. “Once we had the site we wanted, we looked at the various hotel products that we could develop and felt that Vīb offered us the type of contemporary, stylish hotel that was unique to the market and would allow us to effectively compete. We are looking forward to breaking ground mid-to-late summer.”
With several other projects under consideration, the development team continues to focus on opportunities in major markets including: New York, Los Angeles, Austin, Atlanta, Dallas, Atlanta, New Orleans, Philadelphia, Phoenix, Toronto, Vancouver, and Montreal.
Best Western’s portfolio of six hotel products offers development opportunities spanning the midscale- to-upper upscale segments:
BEST WESTERN PREMIER: The company’s upscale hotel offering earns an average daily rate (ADR) of $134*. Since 2011 the portfolio of BEST WESTERN PREMIER branded hotels has grown to almost 150 worldwide.
BW Premier Collection: Best Western’s new soft brand consists of independent upscale and luxury hotels in destination and major markets. The unique pay-for-performance fee structures means hoteliers only pay fees for business earned through Best Western channels.
BEST WESTERN PLUS: Since introducing this upper midscale hotel product in 2011, the global footprint of BEST WESTERN PLUS hotels has grown to more than 1,000. With an ADR of $105* BEST WESTERN PLUS provides an excellent return on investment (ROI).
BEST WESTERN PLUS EXECUTIVE RESIDENCY: This upper midscale extended stay hotel is designed to generate a superior ROI. In the steadily growing extended stay segment, the average occupancy rate is 75 percent and ADR is up seven percent.
Vīb: Best Western’s new chic, hip boutique concept is designed to combine value and style for today’s traveler and is unique to the midscale segment. Development strategy, for this boutique concept, is focused on major markets.
BEST WESTERN: With a global footprint of more than 2,700 hotels and an ADR of $90* BEST WESTERN outperforms the competition in the midscale segment in most countries.
For more information on development opportunities in Asia with Best Western please visit bestwesterndevelopers.com.