In July of 2023, the DDA entered a memorandum of understanding (MOU) with developer Apsilon Hotels for the hotel and parking garage project. This four-month, non-binding agreement outlines the basic understanding of the proposed development and documentation necessary for the DDA to sign a binding development contract. During the MOU period, the DDA is committed not to seek or work with other potential suitors while working through the design and development details needed for both parties to sign a development contract. Both the DDA and the development team are still in an early conceptual phase, and the MOU does not guarantee that the project will prove to be viable.
The development team is talking to multiple hotel groups which are confidential at this point. Each hotel group has a boutique brand within its portfolio.
The development contracts would include approval of the specific brand, and although consistent with other boutique hotels, this one would be given an Avondale-specific name which has yet to be determined. The advantage of being associated with a particular brand is that it ties into a national reservation system making the development much more viable and secure.