EJF Capital LLC ("EJF"), a global alternative asset management firm, announced today that it has joined Tidewater Capital and Graves Hospitality to develop Marriott International's new Moxy hotel in the Uptown neighborhood of Oakland, California. Uptown Oakland qualifies as an "Opportunity Zone" under the Tax Cuts and Jobs Act of 2017 ("TCJA") and offers investors attractive tax benefits to create economic growth.
The planned Moxy hotel, which is slated to open in 2021, consists of 173 rooms and targets millennial travelers who are increasingly drawn to Oakland's energetic urban environment. EJF Co-Founder and Chief Operating Officer Neal Wilson said, "This is exactly the type of investment the Opportunity Zone program is intended to generate. And we are pleased to support the greater Oakland community through the development of this exciting hotel concept, which is expected to bring 50 permanent jobs to downtown. Along with our partners, Tidewater and Graves Hospitality, we believe that this is the right time to invest in Oakland, a dynamic, expanding city that welcomes growth capital."
The Oakland Moxy Hotel
The Moxy hotel will be one of the first new hotel developments in downtown Oakland in many years. The hotel will benefit the community in many ways besides creating jobs such as locally sourcing food and beverage resources and sourcing local art for the lobby area. Additionally, the street-level amenity space will be programmed with regular events and exhibits weekly, drawing primarily upon local artists, musicians, performers and other neighborhood businesses. The project will engage the broader community and make a meaningful contribution to an already eclectic neighborhood, providing environmental, economic and cultural benefit for local businesses, individuals and visitors.