May 22, 2025
Lloyd Cos. has opened a new hotel in downtown Rapid City as part of a 10-story mixed-use development.
The Sioux Falls-based company is wrapping up work on Block 5, which is along St. Joseph Street between Fifth and Sixth streets.
Lloyd was selected through a competitive process by economic development entity Elevate Rapid City to complete the development, which broke ground in 2023.
The new Hyatt Place, which is on floors two through four, opened in late April.
“The response has been outstanding,” said Jennifer Seifert-Brenna, vice president of hospitality. “Every day, we have locals and visitors that are staying downtown come into the hotel to check it out.”
The design aims for a high-end, modern and organic look, she said. Custom-cut stone at the front desk was handpicked in the Black Hills, while large windows draw in light, and plants throughout the lobby bring in a natural feel.
“Within the art collection, you’ll see images and nods to the Black Hills,” Seifter-Brenna said. “The Hyatt Place is the first new hotel in downtown Rapid City in 35 years, and we wanted it to be a distinctive place.”
The hotel’s 117 guest rooms include corner couches that double as sofa-sleepers, while suites include small kitchenettes with full-size refrigerators. Executive suites offer large corner windows overlooking downtown.
“Event booking and guest rooms reservations came in a record-breaking pace for a Hyatt Place,” Seifert-Brenna said. “This property secured $2.5 million in pre-booking prior to opening, which is unheard of for Hyatt.”
A ballroom seats 300 for sit-down events or 400 in theater-style seating and can be divided into four meeting spaces.
The main level of the building is set aside for retail and has one tenant so far — brunch restaurant Toastique, which is opening this summer.
For Lloyd Construction, Block 5 represents its biggest Rapid City project.
“It’s also among the largest projects in Lloyd Cos.’ history, so it’s a landmark project for our team and the community,” said Jerry Fromm, president of construction. “Overall, construction has gone well, and we’re proud to present this to Rapid City and everyone who will visit here.”
In addition to the new hotel and retail options, Block 5 will bring the first residential lofts to downtown Rapid City.
The Block 5 Lofts, which occupy by the top six floors of the development, will be ready for residents in mid-June.
There are 130 lofts in a mix of studio, one- and two-bedroom floor plans.
“Leasing is off to a strong start now that construction is starting to wrap up, and we’re able to hold more open houses and welcome future residents to their new home,” said Ashley Lipp, vice president of residential property management.
“The feedback has been great; people are amazed by the views, the upscale finishes and spacious floor plans.”
Amenities include oversized windows, granite counters and expansive views.
“Plus, residents can enjoy a fitness center, ramp parking and a 10th-floor community room with incredible views. It also sits on top of the Hyatt Hotel, which has an amazing bar and restaurant, so it’s perfect for people who want to be social but stay close to home,” Lipp said.
While Block 5 represents the first downtown project for Lloyd Cos. in Rapid City, the developer, construction manager and property manager has a number of other projects in the market. It’s also the developer and manager of The Union, a new apartment community in Box Elder serving Ellsworth Air Force Base.
