Real Estate - FEBRUARY 21, 2019

JV to develop $50m Marriot hotel in Oakland, Calif., in opportunity zone

by Jody Barhanovich

EJF Capital (EJF), a global alternative asset management firm, has joined Tidewater Capital and Graves Hospitality to develop Marriott International’s new Moxy hotel in the Uptown neighborhood of Oakland, Calif. It is a $50 million investment.

Uptown Oakland qualifies as an opportunity zone and offers investors attractive tax benefits to create economic growth.

The planned Moxy hotel, which is slated to open in 2021, consists of 173 rooms and targets millennial travelers who are increasingly drawn to Oakland’s energetic urban environment.

EJF is providing equity capital for the project primarily from EJF OpZone Fund I, a fund formed by the global alternative asset manager last year specifically to invest in new construction projects within opportunity zones. San Francisco–based real estate investment manager and developer Tidewater Capital led the effort to entitle the site and will manage the construction process. Graves Hospitality is one of Marriott’s exclusive partners for development of the Moxy brand.

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