SG Blocks, Inc. (NASDAQ: SGBX), a leading designer, fabricator and innovator of container-based structures, and Luxembourg-based real estate developer’s U.S. affiliate Arizona Investissements US LLC., have executed an agreement to construct a prototype for mobile hospitality units. When fully completed, the total project revenue is estimated to be approximately $4.0 million.
The total order, expected to be almost 50 proprietary production units, will be delivered to an initial location in Hudson Valley, New York, where Arizona Investissements recently acquired the Twin Lakes Resort through one of its subsidiaries. This 55-acre estate is currently under renovation and is poised to become a leading eco resort in upstate New York.
“Our collaboration with Arizona Investissements is unprecedented in the hospitality industry,” said Paul Galvin, Chairman and CEO of SG Blocks. “We are thrilled to partner with them on this cutting-edge venture that is expected to create a new niche in hospitality, offering guests hotel suites that can be seasonally moved to best accommodate customer needs.”
“We anticipate this to be the first in a series of SG Blocks orders for these unique modular mobile hospitality suites,” said Jordan Bem, Principal of Arizona Investissements. “SG Blocks is the leading modular innovator. We are excited to exclusively work together on this ground-breaking initiative as we continue to expand our commercial real estate development in the United States.”
SG Blocks, Inc. utilizes code-engineered cargo shipping containers to construct and provide safe, durable and environmentally-friendly modular structures. It was the first container-based construction company recognized by the International Code Council with an ESR number. Clients have included Starbucks, Marriott, Taco Bell, Aman, Equinox and several branches of the U.S. military.