DALLAS—Gatehouse Capital has finalized deals with the City of Odessa and Eofficial Enterprises to develop a new Marriot Hotel. The entire project will cost up to $72 million.
The seven-story, 219-room hotel will include a 67,500-sq.-ft conference center, a 323-space parking garage and a 27,000-sq.-ft plaza.
“There’s a legitimate, under-served market in secondary cites where hotel and conference development can be catalytic,” said Marty Collins, CEO of Gatehouse Capital.
The Dallas-based real estate investment and development firm expects the 18-month project to begin in March 2017. The project team is made up of general contractor UEB Builders, architect RTKL, hotel operator Aimbridge Hospitality, hotel brand Marriott Hotels and Resorts and structural engineer DCI.
Gatehouse Capital also has plans to refurbish the historic Ector Theater, which was originally built in 1951.
“This development will be an engine for dynamic growth in downtown Odessa and the broader community,” Collins said.