By ROBERT EVATT World Business Writer | 0 comments
The long-vacant former headquarters of Parker Drilling at 8 E. 3rd St. has been sold to a group that intends to transform it into a hotel.
Andy Patel, president of Anish Hotel Group, and Jay Jain purchased the property from Parker Drilling, said Nick Probst of Corporate Realty Advisors, the broker on the transaction.
The purchase price has not yet been disclosed.
Patel is the developer of a four-story hotel at the RiverWest development in Sand Springs, the ultra-contemporary Aloft Hotel at U.S. 169 near 71st Street in Tulsa and the new Comfort Inn & Suites in Glenpool, among others.
Probst said the developers intend to bring an established hotel brand to Tulsa in order to re-use the entire 10-story building.
"The sale to a hotel group is an exciting step forward for downtown Tula," he said.
Parker Drilling had sold the building when they relocated their headquarters to Houston in 2001, but they recently reacquired the property through foreclosure, Probst said.
http://www.tulsaworld.com/business/realestate/vacant-parker-drilling-headquarters-to-be-hotel/article_10ce3dae-3cd2-11e3-b065-0019bb30f31a.html
WOW
what's supporting all these new hotels?
(http://www.loopnet.com/Attachments/0/8/F/08F64EB3-DD6C-4C88-8B9D-BA402E13FF9F.jpg)
http://www.loopnet.com/Listing/17157901/8-E-3rd-St-Tulsa-OK/ (http://www.loopnet.com/Listing/17157901/8-E-3rd-St-Tulsa-OK/)
QuoteBuilt in 1937, updated in 1975, this building sits conveniently at the corner of 3rd and Main in the heart of Downtown Tulsa. Located directly across the street is the beautiful Downtown Hyatt, The Daily Grill restaurant, and a Coffee Shop. Other amenities (all within one block) include covered parking, Tulsa City Hall, the YMCA, other restaurants and attractions, and lastly is located within one block of 80% of the Downtown Tulsa workforce.
Hopefully they'll be able to remove the metal that Parker Drilling added to the facade to "modernize" the building.
Quote from: BKDotCom on October 24, 2013, 12:58:34 PM
WOW
what's supporting all these new hotels?
I've been wondering the same thing myself. This is the 3rd "announced" hotel in downtown and Place One (or is it One Place? I can never keep it straight) is supposed to have a hotel in its next phase. These properties are on top of the recently opened Aloft and Brady hotel. That's a lot of new rooms without any significant factor increasing hotel demand in downtown.
I like the burst of excitement of these announcements, but wait to see what actually gets built.
Quote from: BKDotCom on October 24, 2013, 12:58:34 PM
WOW
what's supporting all these new hotels?
Dirt, rocks, and concrete mostly.
;D
Quote from: rdj on October 24, 2013, 01:20:12 PM
Hopefully they'll be able to remove the metal that Parker Drilling added to the facade to "modernize" the building.
I've inquired about that before, was told the original facade isn't under there.
Quote from: sgrizzle on October 24, 2013, 09:15:56 PM
I've inquired about that before, was told the original facade isn't under there.
That's a shame if it's true. Too bad people were so short-sighted back in the 1970's. Though if it truly was 1975 when they re-did the facade, they likely were trying to keep pace with the shiny new Williams Plaza and tower which was in the works at that time.
Quote from: BKDotCom on October 24, 2013, 12:58:34 PM
WOW
what's supporting all these new hotels?
There are A LOT of people downtown that are not from here. Way more than I realized before we opened the shop.
Quote from: Townsend on October 24, 2013, 01:18:41 PM
(http://www.loopnet.com/Attachments/0/8/F/08F64EB3-DD6C-4C88-8B9D-BA402E13FF9F.jpg)
"and lastly is located within one block of 80% of the Downtown Tulsa workforce"
http://www.loopnet.com/Listing/17157901/8-E-3rd-St-Tulsa-OK/ (http://www.loopnet.com/Listing/17157901/8-E-3rd-St-Tulsa-OK/)
"...80% of the entire downtown workforce." seems like it argues for being a highrise. Buildings like this in a downtown could subdivide floors into custom co-ops. I crafted and installed concrete countertops in Denver for a while and when I first saw this building's location and being available I flashed back to those I worked on in downtown Denver.
Seems like plenty of smaller apartments are going into our downtown, when will a major co-op be created? I could see this location having two dwellings on the top floor with access to the roof. The location to me felt, "Professional." Not too big, not too small.
All the infrastructure of this building is in the back corner, makes for very flexible floorplans.
http://www.tulsaworld.com/business/realestate/the-planned-hotels-for-downtown-tulsa-are-still-coming-/article_353d261e-f7a8-5fc5-819a-3613e913f3e6.html
QuoteFour of the planned new hotels for downtown Tulsa continue to progress — though a fifth appears to be on hold.
Anish Hotels Group's plans for an unbranded hotel at the former Parker Drilling building are in flux because the building is back up for sale.
Loopnet, a commercial real estate listing website, now has the building at 8 E. Third St. listed for purchase at an asking price of $1.65 million.
In 2013, Andy Patel, president of Anish Hotels Group, and Jay Jain purchased the 59,000-square-foot property from Houston-based Parker Drilling for $850,000.
At the time, Nick Probst of Corporate Realty Advisors, the broker on the transaction, said Patel still hopes to bring established hotel brand to use the entire 10-story building, but he's also exploring other options.
"Hotel redevelopment is still the plan, though since he has several other projects in the pipeline in Oklahoma City it may take some time to get to it," he said. "In the meantime, he's allowed us to take it back to market, since the market's changed considerably since he purchased it. He's definitely supportive of anything that builds up downtown Tulsa more."
Andy Patel was unavailable for comment.
Patel's Anish Hotels Group is the developer of an Aloft hotel at U.S. 169 near 71st Street and the Hampton Inn near Tulsa Hills Shopping Center, among others. The Anish website indicates the company owns and operates nine hotels in the Tulsa area.
Of the four downtown hotels still firmly in the works, the first that will welcome travelers will be the Best Western Plus, which is being built within a former city building at 707 S. Houston Ave.
The hotel conversion, which is being headed by the Snyder family and Neal and Shaun Bhow, is aiming for an April 12 opening date, said Shelby Snyder.
"This was one of our quicker projects," she said.
The 79-room hotel was designed to be affordable, with rates running $89 per night, Snyder said. Though the building is relatively far away from downtown's core, the developers think there will be a big demand from conventions at the nearby Cox Business Center.
"With the Aloft hotel we did in the former City Hall, we've seen a huge turnout from events at the convention center," she said.
Promise Hotels, headed by Pete Patel, could have two hotels finished at the same time. Andy Patel is no relation to Pete Patel.
Pete Patel said the planned Hampton Inn & Suites for the $16 million to $17 million One Place development just east of the BOK Center is likely to break ground in the early spring.
"It'll be within 100 feet of the arena, so we're looking forward to that project," he said.
Promise Hotels is finalizing the design of the seven-story 120-room building now and should be ready for city permitting in the coming weeks. If construction begins on time, it will be finished in the fall of 2016.
That's also the planned completion date for the slightly smaller, $15 million to $16 million Holiday Inn Express on the southeast corner of Archer Street and Detroit Avenue.
That hotel is now set for 105 rooms and a mid to late-summer construction start date, Patel said. Because it's a smaller project, construction will go somewhat faster than the Hampton Inn & Suites.
And development on the $20 million, 134-room Hilton Garden Inn that will wrap around the Oil & Gas Journal building on the southeast corner of Second Street and Cheyenne Avenue continues, but things are moving slower, Patel said.
"It's a much bigger project," he said. We're still determining how much retail to do with it."
Promise Hotels has prioritized development of their other two downtown Tulsa hotels so they can later focus their efforts on the more complicated Hilton Garden Inn, Patel said.
Patel said he's happy to be part of the recent burst of downtown development.
"This is one of the most exciting times to be downtown," he said. "As a Tulsan, I've never been so happy about the future of this city."
So this hotel probably won't happen
tl;dr
1. The Snyders and Bhows will finish the Best Western at 7th & Houston first
2. Pete Patel of Promise Hotels will have the Hampton Inn next to One Place and the Holiday Inn Express in the Brady opening up around the same time in fall 2016
2.5 Pete is holding off on the Hilton Garden Inn that will sit on top of 201 Cheyenne until the other two projects are farther along
3. Andy Patel (no relation) and the Anish Group have put the Parker Drilling building up for sale again
Parker needs to go residential instead of hotel anyway. Great floorpan for some open loft units.
Quote from: sgrizzle on February 27, 2015, 09:22:03 AM
Parker needs to go residential instead of hotel anyway. Great floorpan for some open loft units.
BOOM! Anyone talk to Sager about this? He's experienced developing lofts 'n' all.
Apparently the dealbreaker with the Parker building is there is no parking.
Also, heard Sager is sniffing around the East Village and may spend some more of his money over there. Where does his funding come from?
Quote from: TulsaGuy on February 27, 2015, 09:59:36 AM
Apparently the dealbreaker with the Parker building is there is no parking.
Also, heard Sager is sniffing around the East Village and may spend some more of his money over there. Where does his funding come from?
How about Sager finish out the First Street Lofts with his money, first? I'm really surprised the city has not ridden him harder to finish his project since he took public funding.
I believe he may be from old money. Seems that his mother figures into the finances in some way. The state of his finances always seems to be very binary.
Quote from: Conan71 on February 27, 2015, 10:18:19 AM
I'm really surprised the city has not ridden him harder to finish his project since he took public funding.
(http://cdn0.lostateminor.com/wp-content/uploads/2013/12/weird-posters-1.jpg)
Well-played!
Quote from: TulsaGuy on February 27, 2015, 09:59:36 AM
Apparently the dealbreaker with the Parker building is there is no parking.
Don't see that as being too difficult for a hotel. Especially a downtown/urban one. I have stayed at plenty where there was no parking, just enough of a drive through to drop off luggage and check in then go a few blocks away to a parking garage or have a valet do that. I see people dropping off their car and or just luggage from a cab, in front of the Atlas Life all the time. Not sure where their parking is.
The building could also be used as residential and let people park where they can find paid parking elsewhere downtown or the building work out a deal with parking that already exists. If I were to build residential downtown I wouldn't add parking and for one thing that would keep costs down especially if you did not want a car all the time or could find an inexpensive spot elsewhere. Best thing about that is this is the best way to begin creating more of a lively streetscape, and have retail that can actually make it in an urban setting. Oh and of course it helps transit begin to work well. I bet if you built some units that didn't include the cost of parking so that they were very affordable, they would sell and or be rented out. People in cities are used to walking/biking blocks and blocks even just to get to the local bus/tube station to get where they want to go. Surely they could make it a few blocks to their car if they wanted. That sort of thing would really help out local retailers like me and allow more to follow so that more and more you wouldn't be forced to own a car.
Seems we keep catering to suburbanites (as if we don't have enough for them already) and ignoring urbanites. You will never be able to make a downtown type area that will make Suburbanites completely happy, but if we try to make it perfect for them, we end up ruining the chances of keeping and or attracting people who want good urban living. Accommodate suburbanites/cars sure, but the first priority for a downtown area should be for urbanites and pedestrians.
So where did the Parker employees park when Parker still occupied the building?
Quote from: Conan71 on February 27, 2015, 10:18:19 AM
How about Sager finish out the First Street Lofts with his our money, first? I'm really surprised the city has not ridden him harder to finish his project since he took public funding.
I believe he may be from old money. Seems that his mother figures into the finances in some way. The state of his finances always seems to be very binary.
FIFY
Atlas parking is in the structure at 4th and Cincy. The Valets run back and forth about a block or so.
Parker drilling has a parking issue? How? There is a flipping parking garage just across the street at 4th and Main.
That's just what I've heard from some bankers who've looked at potential deals for the building.
I'm not sure how much spare capacity exists at the 4th and Cincy garage, does Samson currently use that? It would seem if there was spare capacity, a parking deal could be worked out into the deal especially for a hotel.
Quote from: TulsaGuy on March 03, 2015, 10:12:22 AM
I'm not sure how much spare capacity exists at the 4th and Cincy garage, does Samson currently use that?
It had a waiting list a few years ago when I worked downtown, with priority given to Mid-Continent tenants.