Downtown convention center hotel receives final approval - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Downtown convention center hotel receives final approval

Amarillo,  TX - This is a big week for the City of Amarillo. Through the Local Government Corporation, the city has been looking to build a downtown convention center hotel for years. Now, it will finally happen. 

"This is the end of the project," said President of the Local Government Corporation Richard Brown. "The last documents were being approved, which were necessary to make the deal happen." 

Brown says the LGC approved their documents to move forward Tuesday afternoon. Before approving their documents, the city made a few changes to the agreement. Those changes include a different lay-down lot for construction materials, which will be on the corner of 9th and Lincoln, as well as providing a place for construction of two model hotel rooms at the city's Environmental Health Department. 

Another aspect of the hotel that was discussed was financing the $45 million Embassy Suites Hotel. Southwest Bank is funding $28 million of the project, but several people at Tuesday's city council meeting were concerned with who will come up with the remaining amount. 

"I don't know who the investors are, we're not entitled to know who the investors are," said Brown. "Who puts in the money is not important to us, what we are concerned about is who's in control, who can build the hotel, and who can operate it." 

The loan with Southwest Bank closes on Friday and construction will officially begin on October 5th. Embassy Suites will host a ground breaking ceremony for the hotel on October 16th at 11 a.m. across the street from City Hall. 

Powered by Frankly