$16M Hampton, Holiday Inns stake near Big Texas Steak Ranch$16M Hampton, Holiday Inns stake near Big Texas Steak Ranchhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=48432014-02-24T15:50:00Z2014-02-24T08:30:00Z

AMARILLO - A 127-room Hampton Inn & Suites and a 130-room Holiday Inn will be constructed on a 12.5-acre site between The Big Texan Steak Ranch and Auction Dr. for a combined cost of $16 million.

The four-story, 89,000-sf Hampton Inn will be located at 7777 E. I-40, and construction should begin in March 2014, according to developer Dipak Patel. The property is slated to open in first quarter 2016, said Hilton Worldwide spokeswoman Tiffany Wilson.

The Holiday Inn will contain a meeting room large enough to accommodate 200 people, and constructed is expected to begin in April 2014. Construction plans still are being finalized.

The hotels will cover about half the 12.5-acre site, leaving the remaining acreage available for future development.

The Hampton Inn and Holiday Inn properties will be the second and third hotel projects launched since the construction of a $6.2 million Home2 Suites by Hilton on West Amarillo Blvd. began in fall 2013.

Amarillo’s hotel market sold 1.4 million rooms in 2013, a 7.8 percent increase over 2012, according to Jan Freitag, vice president of STR, a travel research firm. The average occupancy in the Amarillo market in 2013 was 61.7 percent, a 5 percent gain over 2012.

“You’re selling six rooms out of ten every night,” said Freitag. “And there are some months where it’s really, really strong. In June, (occupancy) was 82 percent; July, 75 percent; August, 72 percent.”

“The number hotel developers pay attention to, the revenue per available room, was $43.47 — up 7.4 percent,” said Freitag.

Amarillo Globe-News
http://amarillo.com/news/local-news/2014-02-23/hotels-plan-16m-constructionRead more at {Source}

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