Construction on Residence Inn by Marriott in Kenwood Continues Through Energy-Efficient Methods
Covington, Ky. (December 6, 2022) – Corporex, a national commercial development and investment firm based in Covington, Ky continues vertical construction on the 134-room Residence Inn by Marriott as a part of the Gallery at Kenwood. The structure is being built utilizing a unique construction system which provides a high insulation value as well as a rapid method of construction. The design leverages insulating concrete forms (ICFs) to make the structure quieter and more energy efficient.
ICF is a form, cast-in-place concrete wall system that is sandwiched between two tight layers of insulation material. The blocks are made with expanded polystyrene insulation (EPS) and stacked to form the shape of the walls. Steel rebar is used to strengthen the solid concrete core. Once the ICF is filled with concrete, it creates a layer of continuous insulation which essentially eliminates thermal bridging through the wall. Traditional finishes are applied to the interior and exterior faces, so the building looks similar to typical construction styles, but the walls are often thicker and quieter.
Corporex is working with Gallery at Kenwood developer CIG Communities LLC on the hotel portion of the project. The five-story hotel will be located at the front of the development along Kenwood Road in Sycamore Township. Construction began in April 2022 and is expected to be completed in late 2023. The upscale, extended-stay Residence Inn will provide both the Kenwood and Blue Ash markets with hotel space in close proximity to several hospitals in the area, including Jewish Hospital – Mercy Health.
“We’ve developed two hotels in Denver directly across the street from three of the city’s largest hospitals, where we’ve seen an increased need for extended stay offerings,” said Corporex Chief Real Estate Officer Tom Banta. “In addition, there are several businesses outside of the urban core located in and around Kenwood. As people travel to the area with family members who are seeking care or are conducting businesses outside of downtown, often for longer periods of time, this hotel offering from Marriott will give them a comforting place to regroup at the Gallery at Kenwood. There’s a real need for it there.”
Once complete, the hotel will offer 134 suites to guests, complete with full kitchenettes, access to a pool and fitness center and a restaurant on the ground floor, which will be named later. A mix of king and queen-queen rooms will be available for guests to choose from.
One of the primary reasons Corporex was selected for the project was the organization’s long-standing history with hotel development and its ability to secure financing. Nick Heekin, chief operating officer for Corporex, closed on financing for the hotel with UMB Bank, based in Kansas City, Mo., earlier this year.
Additionally, Corporex raised private equity from a handful of individual investors for financing the project. PACE (Property Assessed Clean Energy) funding was also leveraged to cover upfront costs of energy improvements to the development property.
“On the Kenwood Residence Inn project, we were excited to welcome in a new group of local investors who we hadn’t partnered with before, and they share our enthusiasm for the market and the opportunity,” noted Heekin.
Arkinetics Inc. is serving as the architect and once complete, Commonwealth Hotels will assume management of the property.
Established in 1986, and affiliated with Corporex soon thereafter, Commonwealth Hotels is celebrating more than 35 years in business. With a portfolio of more than 50 hotels and 6,000 guestrooms, Commonwealth ranks among the largest hotel managers in the country. The company operates full-service and select-service properties for Marriott, Hilton, Hyatt, and IHG brands across the US and consistently outperforms industry benchmarks for revenue and profitability in its managed portfolio.
To learn more about Corporex and the organization’s portfolio of businesses and investments, visit https://corporex.com.
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Corporex Companies is a national, privately held investment and development firm based in Covington, Kentucky. Corporex has a nearly 60-year history of developing world-class hotels, offices, residential and mixed-use developments in 22+ states across the U.S. The company has more than $1B in assets under management, has built over 25M square feet, and generously invested in communities with more than $2.4M in corporate and foundation giving in 2022. Learn more at corporex.com.