INVESTMENT
The Catbird den on the lobby level is responsible for overseeing The Red Barber , now has more than 30 restaurants and bars across 11 states .
EXPANSION PLANS The early success of Catbird has resulted in Sage looking at more cities from this fall to expand and grow the brand , Isenberg says . The company , however , is ruling out franchise options .
“ We would not franchise . We ’ re developers and are talking with some development partners . We would then own and manage the properties ,” Isenberg says , adding that he hopes to replicate the Denver model in the future projects .
Sage raised equity through family offices for Catbird — a model that they prefer , he says . “ In order to attract some more institutional capital , we probably need to have two or three of these going .”
Catbird , whose cost per key is in the mid-US $ 300,000s , has a projected ADR for Denver , Isenberg says , in the US $ 160 to US $ 170 range . in terms of market share , says Isenberg .
“ Big brands like Marriott , Hilton , Hyatt and IHG will tell you that their soft branded lifestyle type assets are really where the growth is . But that doesn ’ t mean consumers will stop staying at the Courtyard or the Hilton Garden Inn or Hyatt Place . Our industry has done a remarkable job of pivoting for the consumer , especially millennials , with latest trends , and at an accelerated pace that we haven ’ t seen before ,” he says .
When Sage set out to make an innovative and unique extendedstay hotel by making bigger rooms than a conventional hotel room along with cooking amenities and efficient storage space , what they didn ’ t see coming was the gradual merging of apartment lending and extended-stay .
“ The apartment buildings have super amenities — 5,000 square foot fitness center , resort style pool and bar . We have the best of both worlds . We don ’ t require guests to sign a lease but they enjoy lifestyle amenities ,” Isenberg says .
Eventually , Catbird ’ s success can be measured in the next three years , Isenberg adds . “ If we had four to five of these in the ground or open , we would be very pleased .”
The Catbird rooftop includes an event deck , amphitheater for live performances , a lawn with life-sized yard games and hot tubs .
MEASURING SUCCESS Catbird was built with the intention to “ spice up ” the extended stay sector and add lifestyle and experiential elements . Differentiated product will emerge as the winner
64 hotelsmag . com November / December 2021