Keystone Development & Investment, renowned for its prowess in office and mixed-use property developments, has embarked on an exciting journey into the realm of hospitality.
In an exclusive interview with Michael Brookshier, Vice President of Real Estate Development at Keystone, we gained insight into the company’s strategic pivot towards hotel development, exemplified by the creation of Hotel West & Main in Conshohocken, PA.
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At the heart of Keystone’s foray into hotel development lies a visionary redevelopment project known as SORA West.
Brookshier explains, “Keystone owned two office buildings and a parking structure, comprising almost an entire city block in Conshohocken, immediately adjacent to the borough’s thriving main street restaurants and nightlife.”
This strategic assemblage paved the way for SORA West, a mixed-use development featuring a one-acre public plaza. The decision to integrate a hotel into the project stemmed from the area’s evolving dynamics.
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Brookshier elaborates, “The area’s competitive set of hospitality options was aging, while office leasing, recreational and entertainment attractions, and residential population were all increasing, so a new hotel appeared viable.”
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By GlobalDataPartnering for success
Transitioning from office and mixed-use properties to the hospitality sector presented unique challenges for Keystone. However, the company found a compatible partner in Concord Hospitality for Hotel West & Main.
Brookshier notes, “We knew we needed a compatible partner to assist with the process…and found an outstanding partner in Concord Hospitality.”
Strategic location selection
Keystone’s approach to selecting locations for hotel development projects is underpinned by meticulous considerations.
Brookshier highlights, “In Conshohocken, the proximity to the borough’s main street amenities and major Philadelphia office sub-market, along with easy vehicular access and transit options, set the stage for the redevelopment of SORA West.”
This focus on key location attributes aligns with Keystone’s broader strategy for future hotel development sites.
Embracing industry trends
Keystone’s alignment with broader trends in the hospitality industry is evident in its partnership with Tapestry, a boutique brand under Hilton. This collaboration allowed for creative re-imagination of the historic firehouse within Hotel West & Main.
Brookshier enthuses, “The Tapestry brand allowed us the design latitude to re-imagine the historic firehouse as the entrance to the new hotel, and to personalize the interior design to reflect the history of the firehouse and of Conshohocken borough.”
Setting apart from competitors
Hotel West & Main stands out amidst competition due to its strategic location and integration within the broader SORA West development.
Brookshier asserts, “West is uniquely well-located in the western Philadelphia suburbs and provides Hotel West & Main, as well as the other components of the mixed-use development, with complementary uses that support the overall success of the development.”
Keystone’s venture into hotel development heralds a new chapter in its illustrious portfolio.
