Sold! Downtown El Paso's Artisan HotelSold! Downtown El Paso's Artisan Hotelhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=62202013-09-26T15:00:00Z2013-09-26T00:00:00Z

EL PASO - The 100-room Artisan Hotel at 325 N. Kansas has been purchased. The buyer and developer, Summit 11 Investment Group, acquired the asset from the bankrupt 325 Paso Holdings LLC in Las Vegas.

"We have an agreement to redevelop the hotel, and the new buyer has closed on the property,” Mathew McElroy, head of the City Development Department.

An incentive arrangement between the developer and the City of El Paso will give Summit more than $3 million in incentives over ten years to make the deal possible. The agreement requires that the new hotel carry one of the nation’s better hotel brands, including Marriott, Starwood, Hilton or Holiday Inn.

Incentives include 100 percent of city property taxes, a rebate of the city’s portion of sales taxes and a waiver of permit and inspection fees as well as a guest-parking subsidy for spaces in a shared parking garage.

The hotel operator will still have to pay the city’s 17 percent hotel occupancy tax, revenues from which are going to repay the $50 million in bonds that are financing Downtown’s new ballpark.

The new owner, Summit 11, also owns El Paso’s Holiday Inn Airport and the Comfort Inn.

El Paso Inc.
El Paso
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