Caliber Breaks Ground on 114-Room Hyatt Studios Hotel in Steamboat Springs, Colorado

Scottsdale-based alternative asset manager Caliber (Nasdaq: CWD) broke ground Wednesday on a 114-room Hyatt Studios extended-stay hotel in Steamboat Springs, Colorado, marking the first construction start within the company's multi-market hospitality development platform built around the Hyatt brand.

Company executives, development partners, and community leaders gathered for the groundbreaking ceremony at 1801 Lincoln Avenue, where Caliber plans to develop a four-story, 57,971-square-foot property on 2.71 acres. The hotel is targeted for completion in the second quarter of 2027, with an opening anticipated in the second half of 2027 and property stabilization expected in the first quarter of 2029.

Project Details and Amenities

The Steamboat Springs property will feature kitchens in every guestroom, interior ski and bike storage, a self-service marketplace with complimentary grab-and-go breakfast, and 24-hour fitness and laundry facilities. Outdoor amenities will include two in-ground hot tubs, fire pits, grills, and seating. The hotel is located along Steamboat's community bus route, providing access to ski slopes.

The design will incorporate energy- and water-efficient features including LED lighting packages, low-flow fixtures, smart thermostats, and EV charging stations.

Hyatt Studios is Hyatt's upper-midscale extended-stay concept, purpose-built for longer stays with a lean operating model. Kevin Schramm, Senior Vice President of Growth for Hyatt's Essentials portfolio, said the groundbreaking reflects momentum the brand is building with developers in secondary and tertiary markets.

"Breaking ground on this hotel is an exciting milestone for Hyatt Studios and reflects the momentum we're building with developers like Caliber, whose commitment is accelerating the growth of the brand," Schramm said. "Hyatt Studios was created to meet the growing demand for modern extended-stay accommodations in secondary and tertiary markets while delivering a compelling offering for guests and an efficient operating model for owners."

Steamboat Springs Market

Caliber has described Steamboat Springs as a year-round destination with established winter ski demand and growing summer visitation, and characterized it as a market where demand for modern extended-stay accommodations outpaces existing supply, with limited branded extended-stay inventory currently available.

Chris Loeffler, Chief Executive Officer of Caliber, said the project reflects the company's broader hospitality development strategy.

"Steamboat Springs represents one of the most attractive hospitality markets in the Mountain West, and we're excited to bring Hyatt Studios to a community that benefits from year-round tourism, workforce demand and limited existing extended-stay inventory," Loeffler said.

Sarah Leonard, CEO of the Steamboat Springs Chamber, cited the economic benefits the development is expected to bring to the community. "Their investment in our community means new jobs, expanded lodging options, and additional sales and lodging tax revenue that helps support the services and amenities that make our community great," Leonard said.

Caliber's Hyatt Studios Platform and Capital Strategy

The Steamboat Springs hotel is the first of three Hyatt Studios projects in Caliber's multi-market platform to begin construction. The company's pipeline also includes Hyatt Studios developments in Riverwalk/Scottsdale, Arizona, and Georgetown, Texas.

Caliber operates as a preferred Hyatt Studios developer under a Master Development Agreement that grants the company exclusive development areas. The Steamboat Springs project is one of 15 Hyatt Studios properties Caliber plans to develop under that agreement. The company's capital stack for the platform is designed to utilize mezzanine financing from Hyatt.

Rather than pursuing a merchant development model, Caliber has structured the platform so that stabilized Hyatt Studios assets are expected to transition into Caliber Hospitality Trust through a forward purchase structure, which the company says provides investors with visibility and reduced disposition risk.

Caliber describes itself as a real estate-focused alternative asset manager with over $2.6 billion in managed assets and a 17-year track record investing in middle-market hospitality and multifamily real estate. The company trades on the Nasdaq under the ticker CWD.

Sources

Caliber Investor Relations — Caliber Breaks Ground on Hyatt Studios Development in Steamboat Springs, CO (July 16, 2026)