New 9 story Hyatt coming to Downtown Waco.



https://www.wacotrib.com/news/business/new--story-hyatt-hotel-bound-for-downtown-seeking-tif/article_072d94dc-5b06-546d-b3b3-b41fcd0de862.html

Developers of a proposed nine-story, 110-room Hyatt Place hotel, with rooftop and ground-level restaurants, a shopping center and a parking garage, are requesting $4.1 million in Tax Increment Financing money. The TIF board will consider the matter during a meeting at noon Thursday in City Hall.
The Hyatt would go up on Mary Avenue, between Third and Fourth streets, a stroll from the seven-story Embassy Suites developers are working on behind Ninfa's and Cricket's, and blocks from the Waco Convention Center.
The lodging pair would together bring almost 300 new rooms to downtown, as well as two parking structures, three restaurants and three bars, according to information from Melett Harrison, Waco's economic development director.

The Embassy Suites project is valued at $35 million, while the Hyatt Place development reportedly would have a $19 million value. Hyatt Place, according to a background report, would feature 7,000 square feet of retail space, a pool, exercise facility and meeting rooms in addition to the dining establishments. It would provide guests easy access to entertainment, dining and events.
About $1.4 million of the Hyatt backers' $4.1 million TIF request is to cover the cost of a parking garage with a share of spaces available for public parking. However, city staff is recommending the TIF board pass on that $1.4 million option since the board already has promised money to the Embassy Suites project to build a parking garage partly open to the public.
The Hyatt request for downtown incentives comes from Waco RL Hospitality LLC, also identified as Dhanyavad Development, with officials affiliated with the company listed as Niraj Patel of Floresville, Chetan Patel of Hallettsville and Vipal Patel of Roseville, California. Listed as a "secondary contact" is Sorrells Development, whose president is given as Steve Sorrells.
Sorrells is a longtime local builder of upscale homes.
Work on the project would start July 1, and the completion date is listed as July 2020. The board of City Center Waco has endorsed the request, according to a letter from the organization included in the TIF board information packet.
City staff has recommended the Hyatt Place project receive $1.9 million in TIF funds over nine years. That figure is 10 percent of the value of the project.

She reminded that Waco's hotel occupancy rate in 2019 was the highest in the state among metropolitan areas, and a market study of downtown completed last summer found that a full-service hotel catering to tourists and Waco Convention Center visitors would benefit the area.
Also Thursday, the TIF board will consider these items:

• A $350,000 request from City Center Waco to hire a design firm to prepare conceptual and engineering plans to develop a stretch of Bridge Street in East Waco into a public plaza and destination center.
• A $1.29 million request from the city

• of Waco

Hyatt is exciting and would be great for the city!

I believe Midland still has the highest hotel occupancy but Waco is no 2 which is pretty incredible

Old300Bear said:

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Sure beats a Drury in my opinion.

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For my money, Porsche is a better automobile than Hyundai.

https://wacoheartoftexas.com/new-hotels-coming-to-waco/

Hotels opened in late 2018
Totaling 212 rooms, these hotels opened in late 2018.

• Hilton Garden Inn 111 rooms
• La Quinta Del Sol 101 rooms

Hotels Under Construction
There are four hotels in the market that are actively under construction, including a TownePlace Suites in Lacy Lakeview, near the Atwood's. These total 452 rooms.

• Hyatt Place 125 rooms nearing completion
• Aloft 117 rooms nearing completion
• Springhill Suites 125 rooms under construction
• Towneplace Suites Lacy Lakeview 85 rooms near completion

Hotels Undergoing Site Prep
We see several areas undergoing site preparation prior to beginning construction. These total 563 rooms and include the following five hotels:

• Residence Inn 104 rooms
• TRU by Hilton 98 rooms
• Cambria Suites 132 rooms (Bridge St.)
• EVEN hotel 128 rooms (Bridge St.)
• Holiday Inn Express 101 rooms (Bridge St.)

Announced Projects
These three projects have been covered by the local media and total 310 rooms. These are expected to be constructed at some point in the future.

• Embassy Suites 168 rooms (former Downtown 301 space)
• Catalyst Riverfront Development 110 rooms
• Pivovar 32 rooms

Summary of Waco's Hotel Market
Starting Hotel Supply: 3,711
Plus Hilton Garden Inn & La Quinta: 212
Plus 4 hotels under construction: 452
Plus 5 hotels undergoing site prep 563
Plus 3 announced new hotels: 310
Expected total rooms: 5,216
Percentage increase: 1,537 rooms, or 41%

I like seeing the growth, but am a little concerned that we are going from under-built in terms of hotels to being over built. 40-something percent increase in space over a couple of years is extremely strong.