ROCKVILLE, Md., Oct. 15, 2014 /PRNewswire/ -- Federal Realty Investment Trust (NYSE: FRT) announces that Canopy, the new lifestyle hotel brand by Hilton Worldwide, will launch at Federal Realty's urban mixed-use development, Pike & Rose, in Rockville, Maryland.
Pike & Rose is one of eleven locations chosen to launch the new Canopy brand - including London, Miami, San Diego and New York - and will be one of the first ground-up developed Canopy hotels to open in the United States. Set to open in 2016, the 177-room hotel will be built by a partnership between Federal Realty and The Buccini/Pollin Group.
DELIVERING A NEW DOWNTOWN
Located in the heart of affluent Montgomery County, Pike & Rose will deliver a new downtown to one of the area's most successful retail corridors. Just steps from the White Flint Metro, Pike & Rose is pedestrian friendly, architecturally unique, rich in culture, entertainment and cuisine, and programmed with events, parks and plazas that will engage consumers and travelers alike.
Chris Nassetta, Hilton Worldwide's President & CEO commented, "For our business and leisure travelers, a sense of place matters. Federal has a proven track record of delivering vibrant, urban mixed-use neighborhoods that our hotel guests value, where they will be just steps away from chef-driven restaurants, new and engaging music venues, health clubs, theaters and other attractive amenities."
A SHARED VISION OF EVOLVING CONSUMER DEMAND
Don Wood, Federal Realty's President & CEO, added, "We are very excited to partner with Hilton and BPG in the development of what will be an iconic brand within the lifestyle hotel segment," says Wood. "We share Hilton's vision of meeting the evolving consumer demand for socially interconnected places that are authentic and culturally engaging. Our mixed-use projects such as Santana Row, Bethesda Row, Assembly Row and soon Pike & Rose create new downtown districts within their respective communities where people desire to live, work, dine, shop or stay overnight."
Hilton's Canopy brand is aimed at providing a uniquely independent, local and guest centered experience that will appeal to today's traveler. Plans for the hotel include a main floor specifically designed to maximize opportunities for social gathering and vibrant interaction. In lieu of a standard lobby, the floor will showcase changing daytime and nighttime dining options, ranging from a morning café to an evening bar, to a lunchtime bistro to everything in between. Canopy's flexible ground floor space will appeal not only to guests at the hotel, but also to shoppers strolling the sidewalks of Pike & Rose. Likewise, overnight guests will infuse another level of business and life to the streets as they experience the amenity rich environment just steps from their rooms.
Dave Pollin, Co-Founder of The Buccini/Pollin Group said, "The delivery of the Washington DC region's first Canopy Hotel within Federal's exciting Pike & Rose mixed-use community will serve an unmet demand not only in the White Flint District, but within greater Washington DC. This accessible lifestyle brand perfectly addresses the needs of today's evolving, more sophisticated traveler. Locating the project within a great neighborhood like Pike & Rose allows us to provide an authentically Washington and regional experience and will be a game changer."
About Pike & Rose
Located at the key intersection of Rockville Pike and Montrose Parkway in the heart of the White Flint District in Montgomery County, Md., Pike & Rose is a pedestrian-oriented, urban-minded, mixed-use neighborhood. A key component in the area's revitalization efforts, Pike & Rose will ultimately encompass 450,000 square feet of retail, 1.1 million square feet of office space, 1,500 residential units and a 300-room boutique hotel at full build out, all a block from the White Flint Metro Station.
Pike & Rose will incorporate the best of what Federal Realty has created at its other mixed-use properties across the country. Like Santana Row in San Jose, CA., and Bethesda Row in Bethesda, MD, Pike & Rose will feature street level retail with apartments, offices and hotel space above - all located amidst a carefully orchestrated environment of open plaza parks, creative common areas, events, street festivals, a farmers market, music and more. Shoppers, guests and patrons alike will walk, shop, eat, live and work in an immersive experience designed for them. From one of the first rooftop garden plots for rent in the county to a new path of streets lined with a mix of the area's most vibrant shops, eateries and entertainment, Pike & Rose will be the area's must-experience destination.
About Federal Realty Investment Trust
Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management, development, and redevelopment of high quality retail assets. Federal Realty's portfolio (excluding joint venture properties) contains approximately 20 million square feet located primarily in strategically selected metropolitan markets in the Northeast, Mid-Atlantic, and California. In addition, the Trust has an ownership interest in approximately 1.0 million square feet of retail space through a joint venture in which the Trust has a 30% interest. Our operating portfolio (excluding joint venture properties) was 95.3% leased to national, regional, and local retailers as of June 30, 2014, with no single tenant accounting for more than approximately 3.2% of annualized base rent. Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 47 consecutive years, the longest record in the REIT industry. Federal Realty is an S&P MidCap 400 company and its shares are traded on the NYSE under the symbol FRT.
SOURCE Federal Realty Investment Trust