Developer Malcolm Butters plans to build a 125-room Hyatt House extended-stay hotel in Boca Raton near Interstate 95 in a joint venture with the Morlin Group.
The developers plan to build the $25 million Hyatt House on four acres at Boca Village, a mixed-use development by Butters on the southwest corner of Yamato Road and Interstate 95. The Morlin Group has built South Florida hotels in Coconut Creek and Kendall.
Butters already has built and sold an office complex at Boca Village called Boca Corporate Center. He sold the 108,000-square-foot office complex for $33 million in 2011.
Butters considered building another office project at Boca Village but decided rental rates were too low to justify the high cost of construction.
He said construction of the Hyatt House hotel could start by the summer of 2016 and be completed by the summer of 2017.
Butters told the Palm Beach Post a lack of new hotels is driving the Hyatt House development.
“There have been no new hotels built west of 95 in Boca Raton for 16 years, so we’re going to do it,” he said. “The area has a sufficient amount of office but it’s lacking a first-class hotel there, and I think this will fill a niche and do well.” [Palm Beach Post] — Mike Seemuth