Industry Update
External Article22 July 2021

Chesapeake Hospitality, 3rd Wave Development Partner To Build Lifestyle Hotels

Companies Have Five Hotels In the Works, Eye 30 Total

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The global COVID-19 pandemic forced change on a lot of companies. For third-party manager Chesapeake Hospitality and hotel development company 3rd Wave Development, it also presented an opportunity to partner to develop and manage hotels. Chesapeake CEO Chris Green calls the relationship “a shared commitment.”

“At Chesapeake, throughout the pandemic we were looking for ways to move forward,” Green said. “I believe management, because of financial pressure, has gotten commoditized. ... I knew we needed to search for a like-minded individual willing to buck the trend.”

He found that in 3rd Wave Managing Partner Tony Stacy. The two knew each other from two projects started pre-pandemic — a pair of new-build boutique lifestyle hotels in Tempe, Arizona and outside Charlotte, North Carolina.

Read the full article at HotelNewsNow (part of CoStar)

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