[animatedmartian]

Market study makes case for 150-room hotel on Ann Arbor's Library Lot
By Ryan Stanton. July 6, 2015.

For years it's been a common belief among some Ann Arbor community and business leaders that downtown could use another hotel, and one with enough meeting space to accommodate large professional conferences.

Hotel options in the downtown right now include the 208-room Dahlmann Campus Inn on Huron Street and the 66-room Bell Tower Hotel on Thayer Street, among other options such as the Embassy Hotel and the Inn at the Michigan Union.

Ann Arbor developer First Martin Corp. also is building a 110-room Residence Inn that's set to open later this year on Ashley Street.

But there's still demand for even more hospitality accommodations in the downtown, according to a market study by PKF Consulting USA.
The study points out demand in the local hotel market, as analyzed by PKF, grew at an average annual rate of 4.6 percent between 2009 and 2013.

"Demand has exhibited robust growth since 2010, suggesting the area's participation in the general economic recovery," the report concludes, making the case for a new 150-room hotel on the city-owned Library Lot in the heart of downtown Ann Arbor.

PKF's study was completed this past year under the direction of real estate consultant CBRE as part of the city's Library Lot request-for-proposals process.

CBRE is helping the city market and sell the 0.8-acre property on Fifth Avenue above the Library Lane underground parking garage.

Three of the five private development proposals city officials are considering for the site include a new downtown hotel, with anywhere from 135 to 179 rooms, and possibly enough meeting space to host a 500-person banquet.

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Here are the proposals being considered (in no particular order);

Chicago-based CA Ventures, working with Acquest Realty Advisors and Hughes Properties, proposes a 15-story development that includes 100-120 apartments and 143 hotel rooms, with a restaurant or bar/lounge.














Chicago-based AJ Capital Partners, working with Graduate Hotels, proposes a 15-story, 179-room hotel with office, restaurant and retail.











Chicago-based Morningside Equities Group wants to build a 17-story residential high-rise with retail.







Chicago-based Core Spaces wants to build a 17-story tower with hotel rooms and residential units above retail and office space.










Ann Arbor-based Duet Development, led by local attorney Scott Munzel, is proposing an 11-story residential high-rise with retail.