City approves incentives for downtown hotel
City Council approved an incentive agreement with Hotel Sancho Panza LLC for the development of a downtown Marriott Courtyard Urban hotel, which is going up right across the street from Southwest University Park on Santa Fe Street.
The multi-million dollar development will add more than 140 hotel rooms near the El Paso Convention Center. The city’s hope is to make El Paso a more attractive convention destination.
Per the agreement, Hotel Sancho Panza LLC is expected to invest a minimum of $8 million in developing the 10-story hotel, city officials said in a news release.
The developer will receive a 100% real and personal property tax rebate not to exceed $844,089, the city said.
The City will also waive all building and development permit/inspection fees related to the project.
The terms of the agreement will also allow Hotel Sancho Panza LLC to apply for the State of Texas Convention Center Hotel Occupancy Tax Rebate Program. The estimated incentives under this program are $4,386,331.
