Caliber to Build Hyatt Extended-Stay Hotel

Caliber is moving ahead with the development of a Hyatt Studios extended-stay hotel in Steamboat Springs, Colo. The firm closed on acquisition and construction financing this month and received unanimous zoning approval.

Caliber intends to break ground on the project in the second quarter of this year. Completion is estimated in the second quarter of 2027, while the targeted opening is in the second half of 2027. Hyatt is providing $1.14 million in capital for the development.

The 114-key hotel will rise on a 2.7-acre site at 1801 Lincoln Ave. and comprise studio apartment-style suites with kitchens. Amenities will include an outdoor patio, café area, lounge area and fitness center. 

The first of three Hyatt Studios projects

The future Steamboat Springs hotel is the first of three Hyatt Studios projects Caliber is developing.

The second one will take shape in Scottsdale, Ariz., at The Riverwalk, a 100-acre mixed-use district with retail, restaurants, hotels and event venues including Topgolf. Caliber controls the site through a long-term lease, which provides significant development and operational control. The firm purchased the ground lease from The Alter Group in November 2022. Local reviews are underway and Caliber expects to receive necessary approvals by the third quarter.

The third Hyatt Studios project will rise in Georgetown, Texas, within the Austin, Texas, corridor, a fast-growing area that is seeing a multibillion-dollar redevelopment of Austin Convention Center. The convention project is expected to increase hotel demand. Caliber closed on the land purchase in October and is evaluating the optimal development strategy for the market.

Each development is expected to take about 15 to 17 months to complete, with the goal of having all three projects active at varying stages over the next two years.

Building a multi-market hospitality platform

Caliber’s development plans for its first three Hyatt Studios properties come nearly a year after the firm secured a development rights agreement with an affiliate of Hyatt Hotels Corp. to develop 15 new Hyatt Studios hotels in the U.S. The agreement gives Caliber exclusive development rights for the branded hotels in target market areas within Arizona, Colorado, Nevada, Texas and Louisiana, many of them new markets for Hyatt.

Hyatt introduced the upper-midscale, extended-stay concept in 2023. The first Hyatt Studios opened in April 2025 in Mobile, Ala. The brand has more than 50 hotels in the pipeline with several locations under construction.

Each hotel will have approximately 122 studio suites. Features at the pet-friendly properties are to include free grab and go breakfast, 24/7 market, self-service laundry, a fitness studio, free high-speed internet and EV charging stations.

“With Hyatt Studios making its debut to the nation, we chose specific markets with strong in-place demand. This demand will drive the use of a hotel seen as ‘new’ in our guests’ eyes and we think once they experience a Caliber-built Hyatt Studios hotel, they become repeat customers,” Caliber CEO Chris Loeffler told Commercial Property Executive.

The first three locations were chosen based on long-term structural demand drivers, he said.

“Steamboat Springs is a supply-constrained destination market with year-round visitation. Scottsdale is a high-barrier leisure market with strong pricing dynamics, and Georgetown gives us exposure to one of the fastest-growing corridors in Texas,” Loeffler said.