Irving-based hotel developer NewcrestImage has landed more than $28 million in financing to develop a 225-room, full-service Embassy Suites hotel, which will help anchor a larger redevelopment project in Amarillo.
HFF secured the $28.17 million in financing on behalf of NewcrestImage through Fort Worth-based Southwest Bank.
The new 200,000-square-foot Hilton-branded hotel is part of the planned improvements for downtown Amarillo surrounding the city’s civic center, which includes a multipurpose convention center, parking garage, entertainment venue and ballpark.
Plans for the new development include 30,000 square feet of meeting and function space, 300 parking spots in an adjacent parking garage for the hotel’s exclusive use, lounge and lobby bar, full-service restaurant, pool and fitness center.
Construction on the new hotel development in Amarillo is slated for completion in 2017.
NewcrestImage is also working on a number of other projects, including a new dual-branded AC Hotel and Residence Inn along Commerce Street in downtown Dallas.
Earlier this year, the project received $10.5 million in incentives for 1712 Commerce St., which will help with the environmental remediation, demolition and street and facade improvements to the building.
In all, the redevelopment of 1712 Commerce St. and an adjacent building was expected to cost nearly $55 million. The property, known as the Mercantile Commerce Building, has been vacant since the 1980s.
