Colcord Hotel Case Study Summary:
The Colcord Hotel was one of the first developments for our company and remains a cornerstone of our portfolio. Throughout its history, the Colcord Hotel has provided accommodation to politicians, professional athletes, celebrities, business travelers and locals alike. The Colcord Hotel’s previous life was an office building until Paul Coury, recognizing the building’s incredible potential, purchased the property and developed it into one of the first boutique hotels in the city. Paying homage to its roots, the Colcord Hotel still features many of the significant and unique architectural features including stunning metalwork at the elevator bays and floor-to-ceiling marble throughout the lobby. As the city’s first skyscraper, the Colcord continues to stand above the industry.
Colcord Hotel Case Study Findings:
The early 2000’s saw Oklahoma City amid a period of significant development and transformation. Building on this momentum, Coury Hospitality recognized an opportunity to provide the city with an exceptional boutique hotel and fill an existing need. A luxury boutique hotel in close proximity to the business and entertainment centers of the city was desperately needed and would elevate Oklahoma City’s standing in the region.
Implementation:
As the developer of the project, Coury Hospitality led the financing, design, construction, branding and marketing efforts for the project. The original building was the first steel-reinforced concrete building in Oklahoma with architecture and design unique suited for a boutique hospitality application. Development of the project focused on the building’s historic listing while bringing the building to the hotel market which required repositioning of hotel areas and proper segmentation to accommodate the new guest rooms and function spaces.
Results:
The Colcord Hotel opened in 2006 and achieved incredible success which has sustained throughout its life including the AAA Four Diamond Award, the first in Oklahoma City. Though the property has changed hands, Coury Hospitality remains as the management company and investor in the project. Our historic knowledge and industry experience has kept the Colcord at the top of the market in all Key Performance Indicators, even achieving a RevPAR penetration of 183.5% through the pandemic. Looking to the future, the Colcord Hotel will join the Curio Collection by Hilton in 2021 and act as Coury Hospitality’s first foray into the brand.