The Shay Hotel

[Pete]

Boutique hotel with large pool planned for Midtown

Plans have been submitted for a new boutique hotel at 516 NW 8th in Midtown.

Developer Shyon Keoppel with SK Venture Group is proposing to fully renovate an existing former apartment building and add a large pool on the vacant land to the east.

Keoppel's group bought the 3-story building and .56 acres last year for $1.7 million.

To be named The Shay, the design by RBA architects shows the 1963 structure converted to 25 rooms with a large restaurant, bar and coffee shop on the group floor. Adjacent on the first level is a suite that would be rented as a room or used as private dining space.

Through large glass doors, the first floor would open to the expansive pool to the east, with a large bar of its own. Keoppel said that in addition to being an amenity for hotel and restaurant guests, the pool area will be available for private events with the ability to cover the pool in order to use the entire space for functions.

In addition to seating for the restaurant and bar, the pool will also feature cooling misters and heaters to extend the outdoor usage, as well as a 2nd level sunning deck on the east end of the property.

Keoppel is still finalizing operational partnerships but said he expects the hotel operation to remain independent.

Plans have been submitted to the Downtown Design Review Committee. Keoppel hopes to have the hotel and pool open by summer 2020.

[Sooner.Arch]

My friends were just talking yesterday about how there’s no hotel options in midtown really, funny how things work! Glad this is happening

[Pete]

^

Don't forget about the Ambassador, which is a great place.

[shawnw]

And the one going in on 6th in AA

[soonerguru]

And the one going in on 6th in AA

Hopefully that one gets completely redesigned or scrapped.

[okatty]

At one time I think Shyon owned the house next door to this....not sure if he still does.

[Urban Pioneer]

Still does.

[Pete]

At one time I think Shyon owned the house next door to this....not sure if he still does.

It's for sale: https://www.zillow.com/homes/for_sal...43_rect/16_zm/


His group also owns a few lots directly to the south of this project.

[midtownokcer]

I lived in this apartment years ago when Midtown was starting to come into its own. It's a dump, but I have a lot of good memories living there. So was the house next to it which was mentioned in Pete's post. So glad this building is being turned into a hotel, which is likely what it was before it was turned into an apartment.

[OkiePoke]

Is this still moving forward?

[Pete]

Not sure.

Since they missed the summer window this year there would be no rush to start until later this year.

[Pete]

Plans for the pool have been put on indefinite hold but they are remodeling the old apartments and it will be an AirBnB:

[Pete]

[Pete]

[Pete]

They are almost finished and will be employing an Air BnB model.

I was also told they will have longer-term tenants through some of the film productions in town.

[onthestrip]

They are almost finished and will be employing an Air BnB model.

I was also told they will have longer-term tenants through some of the film productions in town.

Lets hope this doesnt attract the same people his eating and drinking establishments attract. Wont hold my breath though.

[Anonymous.]

This property is for sale as ready-to-go AirBNBs that are furnished. I don't think they ever did the pool.

$4.5MM

[soonerguru]

Lol

[OKC_Chipper]

From a boutique hotel with a restaurant, bar and coffee shop on the ground floor and pool to Airbnb units. This “developer” loves to give plans to the media and then end up producing about 10% of what was proposed.

[warreng88]

This property is for sale as ready-to-go AirBNBs that are furnished. I don't think they ever did the pool.

$4.5MM

Looking at it today, it is listed at $3.98MM, owner financing available at 5% for three years on a 20 year amortization. At 5%, and 20% down, that is $21,120/month without T&I. I would increase that to $25,000 per month. To get financing, the building would have to net $30,000 per month. That is a little over $1,000 per month, per room. Unit 18 is currently $103 per night. Property taxes range from $12,000-$17,000 per year. Insurance isn't going to be cheap. I guess it would make sense, but I would like to run an entire spreadsheet on ADR and OCC to break even.