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Wednesday, July 28, 2010

Toyoko Inn Co.'s downtown "no frills" hotel still a go

  • Toyoko Inn
Commercial real-estate infomaster Tony Wilbert was perusing the Wall Street Journal and noticed an update about the Toyoko Inn Co.'s long-planned "no frills" hotel on Forsyth Street in downtown Atlanta:

The Japanese hotel firm has yet to start construction, and little had been mentioned of the plans - until today. The Wall Street Journal reports that Toyoko's plans to enter the United States are on track, and the company will start with a 640-room hotel tower in Queens, New York.

"The New York hotel, to be located just on the other side of the East River from Midtown, is scheduled to open in 2012," WSJ reporter Kris Hudson writes in today's article. "After that, Toyoko will turn its focus to downtown sites it bought in recent years in Chicago and Atlanta. Toyoko ultimately envisions a 500-room hotel on Chicago's Clinton Street and a 700-room hotel on Atlanta's Forsyth Street."

That's smaller than the 40-story, 861-room hotel the company originally planned for the property, which Wilbert first reported way back in 2008. But it's still pretty big.

Wilbert sums it up best — if this becomes a reality, it'll be an interesting addition to Atlanta's hospitality industry. A downtown hotel that offers the basics at an affordable price might be an easy sell for penny-pinching tourists and business travelers. Not to mention the much-needed foot traffic it could bring to that street.

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