BIRMINGHAM, AL (February 21, 2024) – Retail Specialists has assisted Cobblestone Hotels in finding a new site in Foley, Ala. as well as putting together the investment group for the new location. The new location has an anticipated groundbreaking of February 22 and is set to open in May 2025. This marks Cobblestone Hotels’ 2nd location in Alabama.
On behalf of Cobblestone Hotels, Jeff Rouzie, Associate at Retail Specialists, worked with the City of Foley to negotiate an incentive to finalize the deal. The incentive includes a Cooperative District Fee of two percent for 10 years to help offset infrastructure costs. Rouzie also negotiated the price for the land at a discounted rate, creating additional equity for investors.
Rouzie has been working with Jeremy Griesbach, President of Development for Cobblestone Hotels, to identify sites and open new hotel locations in the Southeast. Rouzie stated, “I knew when I met Jeremy he had a product we needed in the Southeast. Cobblestone Hotels is the only hospitality group I know of that owns the brand, has an in-house construction company and a management company that operates the hotels, making it very simple for investors. Everything starts with a 3rd party feasibility study that helps determine number of rooms, best locations and cost of construction and projections.”
This is the second Cobblestone Hotels location Retail Specialists has been instrumental in developing. The first location, in Cullman, Ala., features the Cobblestone Wissota Chophouse that previews 20 local Draft Beers on tap, outstanding steaks and other culinary options. Retail Specialists is currently working on six additional projects with Cobblestone in different development stages in Alabama, Florida and Mississippi, with three of those expected to close this year.
To date, Cobblestone has 170 Units in 29 States and is seeking to locate in smaller communities that need upscale quality Lodging.
For more information on Cobblestone’s growth and opportunities in the Southeast, contact Jeff Rouzie, jrouzie@retailspecialists.com.
About Retail Specialists
Retail Specialists, LLC is the premier retail real estate services firm in the south. We are committed to long-term relationships in property management, retail representation, development, leasing, and brokerage. Founded in 2005, we’ve thrived through tough times and shine under pressure. A unique mix of experience, technology, and data have proven successful in a business we love.
