Checking in: Odessa $6.5M Staybridge SuitesChecking in: Odessa $6.5M Staybridge Suiteshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=48812014-02-20T07:35:00Z2014-02-20T00:00:00Z

ODESSA - The four-story, 90-unit Staybridge Suites has broken ground at 810 South JBS Pkwy. The estimated cost of construction is $6.5 million. Hotel amenities will include a theater and a gymnasium, according to Tipoo Hossain, director of operations.

Completion is set for December 2014, according to H.S. Ferdous, project manager for builder SamCraft.

Later in 2014, construction will begin on an adjacent four-story, 85-unit Hyatt.

Odessa gained more than 700 hotel rooms from fourth quarter 2012 to 4Q 2013, for a total 3,533, according to the Texas comptroller’s office. However, during the same period, taxable hotel tax collections in Odessa actually declined by about $600,000.

Residential construction and openings of “man-camps” to house oilfield workers are contributing to a cooling of the hotel market, according to economist Karr Ingham

For Odessa and Midland, additional hotel space can help the communities’ Convention and Visitors Bureaus attract large events and their attendant economic benefits, said Guy Andrews, director of economic development for the Odessa Chamber of Commerce.

Odessa American
http://www.oaoa.com/news/business/article_80573e7c-98f4-11e3-aa0c-0017a43b2370.htmlRead more at {Source}

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