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The City of Titusville, Florida / Community Development / Economic Development / News

Hyatt Place hotel to open in Titusville summer 2019

Wayne T. Price and Dave Berman, Florida Today Published 12:53 p.m. ET Jan. 30, 2018 | Updated 4:13 p.m. ET Jan. 30, 2018
Site of future hotel in Titusville on the corner of Vectorspace and US1 in at the entrance to Riverfront Center.
TITUSVILLE — Titusville is getting a new, five-story hotel.
BBL Hospitality announced it will begin construction on a new Hyatt Place hotel in the planned industrial park of Riverfront Center in Titusville, near the road leading to Kennedy Space Center and adjacent to the Boeing office facility on U.S. 1.
The 118-room hotel is aimed at business and leisure travelers. The property will feature a fifth-floor private viewing room to observe rocket launches from KSC and Cape Canaveral Air Force Station. Other features will include a 24-hour gym, free breakfast, and an outdoor pool and patio.  
“We are looking forward to bringing the Hyatt brand to Brevard County and the Space Coast," said Steve Obermayer, chief financial officer of the Albany, New York-based BBL Cos. "This area brings tremendous growth and opportunity for our company and we would like to thank the Brevard County community for welcoming us."
Hyatt Place is opening a five-story hotel, like this one in Jacksonville, in the summer of 2019. (Photo: Hyatt)
Groundbreaking is scheduled for this summer, and opening is expected 12 months later.
"It is fair to say that 'locational' convenience will be beneficial to the many business travelers coming to North Brevard and Titusville," said Michael Gaich, a longtime retail/office developer and broker who helped bring the hotel to fruition.
Gaich said he has long had the "vision that this site had the potential for a hotel and other commercial uses" in Titusville. 
The hospitality chain operates numerous branded properties throughout the world. The Titusville hotel is Hyatt's first product in Brevard. Hyatt Place operates more than 270 locations globally.
BBL Hospitality is a multibrand hotel and restaurant company that owns, operates and develops facilities along the East Coast of the United States. The company owns 14 hotels under various flagships, and 13 Recovery Sports Grill sports-themed restaurants, with locations throughout New York, New Jersey, Virginia, West Virginia and Florida.
In October, the North Brevard Economic Development Zone board approved a grant of up to $208,150 for a proposed hotel on that site. The applicant was listed as "Project York" to protect its identify for competitive reasons.
The applicant said it planned to make a $13.8 million investment on the property, including $12.5 million for construction and $1.3 million for land acquisition. It also planned to spend $2.2 million for furniture and equipment.
The company said the $16 million project would create 65 to 90 construction jobs, plus 15 permanent hotel operations jobs.
The $208,150 grant would reimburse the company for various infrastructure costs, including certain roadwork, sidewalks and signage.
The North Brevard Economic Development Zone estimated that the project would generate $978,010 in property taxes to NBEDZ over a 10-year period.
It said there also would be a "one-time fiscal stimulus" of more than $1 million to Titusville, Brevard County and Florida through sales tax collection on building material purchases and capital equipment, along with the collection of permitting fees.
"This project represents an opportunity to take undeveloped property — generating very little tax revenue due to its undeveloped state — and transform it into a generator of new tax revenues," the NBEDZ report said.
The application estimated that the hotel project would generate $4.5 million in annual sales.
 



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