Bassett Tower renovation

A private investment group plans to invest more than $10 million to renovate the iconic Bassett tower in downtown El Paso.

The building has sat largely unused in recent years. Private investment group Bassett partners plans to invest the $10 million to turn the building into an Aloft hotel with retail space on the first floor. The county approved an economic development agreement.

The hotel will be owned by Bassett partners and managed by Aimbridge Hospitality.
“We do want to invest in our history in town and we don’t want these buildings to go to disrepair then eventually and unfortunately to our history in town.” said Rafa Arellano the senior economic development specialist working on the project.

The county will give a 50% tax rebate on the building’s increased property value over the next 10 years. As part of the agreement, the building must be ready to go within two years.