Drury Hotel

[Pete]

Drury Hotels buys lot in heart of Bricktown

Drury Hotels has acquired a large surface parking lot at the southwest corner of Sheridan and Oklahoma Avenues in the center of Bricktown.

The privately-owned company based near St. Louis bought the .8 acre lot from local developer Don Karchmer for $4.5 million.

Karchmer had previously proposed a parking structure on the site and has retained ownership of the building at 4 E. Sheridan Ave. directly to the west, which is home to JE Dunn Construction and The Melting Pot restaurant.

Drury operates more than 150 hotels in 25 states but does not currently have any properties in Oklahoma. Brands include Drury Plaza Hotel, Drury Inn and Suites and Pear Tree Inn.

Although multiple calls to Drury headquarters were not returned, research reveals that in more dense urban areas the company often opts for the Plaza brand and builds from 6 to 10 stories.

Just two weeks ago, as a part of a deal with BancFirst in support of their purchase and the proposed renovation of the 36-story Cotter Ranch Tower, city council voted to sell land to Karchmer for a parking garage north of Main Street in Bricktown. The $1.4 million price tag for the 6 acres raised eyebrows after some claimed it was below market value. At roughly $234,000 per acre, the purchase is in sharp contrast to Karchmer's sale at $5.625 million per acre.

The sale of the lot at Sheridan and Oklahoma Avenues also calls into question the viability of the proposed Marriott Renaissance Hotel, which is planned directly to the east.

Given the current scarcity of parking in the area, speculation was that the new Marriott would need access to the once-proposed and immediately adjacent parking structure for their patrons and guests. After first moving rapidly through design approval and the permitting process, the Renaissance project completely stalled last year.

Drury's purchase comes at a time when hotel development in the urban core continues at a fever pace. See our comprehensive Downtown Hotel Summary for 26 hotel properties built or planned in the city core.

[PhiAlpha]

They've renovated some really cool historic urban hotels in places like Wichita and St. Louis so maybe we'll get something like that proposed for a new build in an urban historic district.

The Marriott might have to get creative and go with some underground or offsite parking.

[jedicurt]

i'm very happy to see this. even though i thought a well designed (with retail on first floor) parking garage was a great idea for this spot, i knew it would never live up to my expectations of what it could be. i'm very excited to see what they do with this space.

[OkiePoke]

So, Karchmer bought this from the city and a month later sells it to Drury 2,400% increase in price? Sounds like the City has some explaining to do.

[bucktalk]

I can't help but believe we're reaching a saturation point (or more!) from having too many hotels downtown. I realize before buying/building on the downtown site that investors employ all due diligence. But yet it seems unlikely we have enough guests to OKC downtown areas do have so many hotels be profitable. Best wishes for them.....

[PaddyShack]

So, Karchmer bought this from the city and a month later sells it to Drury 2,400% increase in price? Sounds like the City has some explaining to do.

I think he purchased a different piece of land if I am understanding correctly. He has owned this for a while now.

[baralheia]

So, Karchmer bought this from the city and a month later sells it to Drury 2,400% increase in price? Sounds like the City has some explaining to do.

Not exactly, we're talking about two different lots. The one Karchmer bought from the City is farther north, on Main, immediately east of the BNSF railroad tracks. The one he just sold to Drury is a property he's owned for a long while at Sheridan and Oklahoma.

[stlokc]

Very interesting news. I'm familiar with Drury; they are a great company, and I have long wondered when they would make their first foray into OKC. I'll be interested in their plans for that lot. They mostly do suburban, 3-5 floor, highway-type hotels. The article is correct that they have done urban properties (three in Downtown STL alone), but as far as I'm aware, those have all been conversions of existing buildings - renovations a la the Skirvin or Colcord.

The "Drury Plazas" mentioned are suburban new-builds, just bigger and taller than their typical floor plates. My guess is they would go the "Plaza" route in Bricktown regarding the size, although I doubt it would look like the "typical" Plaza.

Great scoop. By the way, the St. Louis Business Journal had an article this morning that Drury bought land in Minnesota for their first property there. No mention in the local press yet of OKC.

[Pete]

^

Drury would not return my calls. I suspect we won't hear anything from them for a while, or, now that this is out, they may end up speaking to those who call them now.

Also, my understanding is that Karchmer will continue to operate the lot for a while, effectively leasing back the property from Drury.

[sgt. pepper]

All I know is when my wife and I travel to Wichita, we always stay at the Drury, great place. We are headed there this December.

[Urbanized]

So, Karchmer bought this from the city and a month later sells it to Drury 2,400% increase in price? Sounds like the City has some explaining to do.

Completely untrue. Karchmer has been a part of the ownership of this property for decades and bought out other partners several years ago. It has never been owned by the City. The lot you are referring to is two blocks north.

Sorry if this post reads a bit cranky, but this was an easy topic to research before making a post that so casually calls into question the the ethics and practices of both the City and of a local businessperson. I understand that to some extent this site and many of its posters nobly aspire to be watchdogs, but passing bad info that calls people’s integrity into question without substance is terribly damaging to the community and to the site’s reputation.

And for the record OkiePoke that isn’t intended to be a personal slight; as far as I recall you’re a solid poster. It’s just that I cringe when I regularly see posts that jump to the worst possible conclusion. Lots of eyes watch this forum - not all of them as informed and discerning - and I think we all have at least a bit of responsibility when it comes to passing bad info or casually denigrating the players making things happen in our city, often at great personal and financial risk. As Pete has mentioned before, these are actual human beings in our community, not characters in a video game.

[Pete]

^

He just misunderstood.

The article clearly states the proper info and multiple people corrected him.

[OkiePoke]

Ya, I didn't research if it was the same property or not. That is why I posed it as a question.

Still a discrepancy with land values though.

[d-usa]

Traveling with two kids, we always try to stay at a Drury. Very family friendly, good breakfast, and the snack/dinner they offer is a great way to feed the kids. Even though the room might be a bit more than other hotels, we end up saving money eating breakfast and (often) dinner there.

[kukblue1]

I can't help but believe we're reaching a saturation point (or more!) from having too many hotels downtown. I realize before buying/building on the downtown site that investors employ all due diligence. But yet it seems unlikely we have enough guests to OKC downtown areas do have so many hotels be profitable. Best wishes for them.....

I was going to say the same thing. How many hotel rooms are too many hotel rooms. Go down there in the winter time during the week and it's not what I would call jumping. Even during thunder games during the week. Does anyone know the current occupancy rate for DT hotels. I think it's high right now but the more that come in the more that will go down.

[turnpup]

Traveling with two kids, we always try to stay at a Drury. Very family friendly, good breakfast, and the snack/dinner they offer is a great way to feed the kids. Even though the room might be a bit more than other hotels, we end up saving money eating breakfast and (often) dinner there.

That's good to know. We usually seek out Embassy Suites when we're traveling with our daughter for those same reasons. It's good to have another option in Drury.

[Pete]

Drury routinely wins all types of JD Power awards for customer satisfaction.

[shawnw]

I always look for a drury first when I'm traveling in their service area. Best overall value generally. Have always wondered why they skipped over Oklahoma on the way to Texas...

[d-usa]

That's good to know. We usually seek out Embassy Suites when we're traveling with our daughter for those same reasons. It's good to have another option in Drury.

You also get a daily coupon for some free alcohol for each adult, like a glass of wine or bottle of beer, or a single mixed drink.

Traveling with kids, that’s sometimes needed!

[turnpup]

You also get a daily coupon for some free alcohol for each adult, like a glass of wine or bottle of beer, or a single mixed drink.

Traveling with kids, that’s sometimes needed!

Agree!

[Zuplar]

When I was in high school we always stayed in Drury hotels when traveling for school. I felt like the hotels were always dated, so as an adult I've always steered clear. This has really made me re-think I should re-evaluate my negative opinion of their hotels.

[Midtowner]

Drury routinely wins all types of JD Power awards for customer satisfaction.

From what I hear, they will be a credit to the area. Long term plans for parking look problematic.

[Laramie]

Does anyone know how the current agreement we have with the Omni hotel convention center would have on a Drury Hotel; a no hotel subsidies zone restriction covers what part of the core?

Depends on the size if Drury builds a hotel. OKC will move closer to 5,000 downtown hotel rooms come 2021. Our current downtown hotel (count includes proposed) is 4,682: http://www.okctalk.com/showthread.php?t=34292http://

[Pete]

Does anyone know how the current agreement we have with the Omni hotel convention center would have on a Drury Hotel; a no hotel subsidies zone restriction covers what part of the core?

No TIF money can be used for hotels and TIF covers all of Bricktown and downtown.

[jn1780]

Now Chelinos really needs to upgrade their canal entrance. There will be zero parking up front and they will be facing the back of a building if this gets built.