Caliber Secures April Financing for Three Hyatt Studios Developments Targeting 20% IRRs
Caliber closed acquisition and construction financing in April 2026 for its first Hyatt Studios project in Steamboat Springs, CO, with a Q3/Q4 2027 opening as part of a three-market platform targeting Steamboat, Scottsdale, and Georgetown. Management projects levered IRRs of 20%-mid-20% and equity multiples of 2.3x–2.6x over six years.
1. Multi-Market Development Platform
Caliber is advancing a three-market Hyatt Studios development platform in Steamboat Springs, Scottsdale and Georgetown. The platform targets supply-constrained markets with structural demand, using a lean build template and standardized room design to support 15–17 month construction timelines and controlled cost basis.
2. Steamboat Springs Project
The Steamboat Springs project closed acquisition and construction financing in April 2026, secured unanimous zoning approval and a general contractor. Groundbreaking is scheduled for Q2 2026, with opening expected in Q3/Q4 2027 to capture seasonal ski and summer visitation demand.
3. Scottsdale and Georgetown Status
In Scottsdale, Caliber controls a Riverwalk site under long-term lease and is pursuing design review and conditional use permits, targeting approvals by Q3 2026. In Georgetown, land was purchased in October 2025, with development strategy under evaluation to align with Austin-area growth and convention demand.
4. Forward Purchase Exit Strategy
Each Hyatt Studios asset is slated for stabilization and forward sale into Caliber Hospitality Trust, offering investors visibility on exit. Management forecasts levered IRRs in the low-to-mid 20% range and equity multiples of 2.3x–2.6x over a six-year hold, optimizing capital recycling.