Scottsdale-based developer Caliber is pushing ahead with a pair of Hyatt-branded Hyatt Studios projects, one at the Riverwalk near Talking Stick in Scottsdale and another in Steamboat Springs, with Steamboat set to be the first to turn dirt after closing acquisition and construction financing in April 2026. The company says the Steamboat property is fully entitled and targeting a late 2027 opening, while the Scottsdale site continues to work its way through design and permitting. Translation for locals: more extended-stay rooms in both resort-heavy and job-heavy pockets of town.
According to a Caliber press release via GlobeNewswire, the Steamboat Springs deal has already closed on acquisition and construction financing, secured unanimous zoning approval and lined up a general contractor. Groundbreaking is expected in the second quarter of 2026, with an estimated completion in Q2 2027. Caliber says the 114 to 122-room Hyatt Studios will feature studio apartment-style suites with kitchenettes, complimentary grab-and-go breakfast, a 24/7 market, on-site laundry and a fitness center.
Steamboat to be the first shovel in the ground
Caliber is positioning the Steamboat project as the initial de-risked flagship in its Hyatt Studios platform and is offering accredited investors both project-level and feeder-fund opportunities tied to the development, per Caliber. The company lists the site at roughly 2.71 acres at 1801 Lincoln Ave., Steamboat Springs, where a compact, branded extended-stay layout is meant to fill what it sees as a gap in the resort market’s lodging mix.
Scottsdale Riverwalk plan moves through review
On home turf, Caliber says its Riverwalk and Scottsdale site is already controlled through a long-term lease and that design review and a conditional use permit are underway, with approvals targeted for the third quarter of 2026, as reported by ConnectCRE. The company contends the parcel sits in a high-barrier leisure submarket where seasonal pricing power should help support a branded extended-stay product.
Part of a wider push with Hyatt
The two projects are part of a broader play that started with Caliber’s May 2025 development-rights agreement with Hyatt to develop up to 15 Hyatt Studios hotels across Arizona, Colorado, Nevada, Texas and Louisiana, a program Caliber outlined in its May 2025 release. In industry coverage, Hotel Dive notes that Hyatt Studios, introduced in 2023, is an upper-midscale extended-stay brand built around a repeatable, lower-cost construction template and lean operating model that tends to catch developers’ attention. Local reporting has shown Hyatt Studios interest clustering near heavy-hitter employers such as TSMC’s Phoenix campus, highlighting why Scottsdale remains on the radar; Hyatt Studios next to TSMC covered a nearby proposal tied to that demand.
What to watch next
Watch Scottsdale’s design-review and CUP calendar over the summer. If Caliber secures approvals by Q3 2026, the Riverwalk site would be positioned to trail Steamboat into construction, per GlobeNewswire. The company says each Hyatt Studios project should take roughly 15 to 17 months from groundbreaking to opening, and Caliber plans to transfer stabilized assets into its Caliber Hospitality Trust to recycle capital into future builds. For travelers and nearby employers, the apartment-style rooms and kitchenettes could quietly bulk up the longer-stay options near golf, events and job hubs.
