304-Room Hotel and Conference Center
This initiative marks the largest private redevelopment project in the history of the United States. Located on about five acres across the street from Texas Tech University, the project is a public/private partnership with the City of Lubbock, and at completion will have a value estimated at nearly $60 million. The hotel and land will be privately owned. The hotel will consist of a three-meal restaurant with adjacent lounge, swimming pool with hydrotherapy pool, exercise facility, 24-hour business center and a convenience shop.
The adjacent conference center includes 20,000 net square feet of meeting and ballroom space. This center - along with the land and parking garage - will be funded and owned by the City of Lubbock. The City will build the conference center with bonds supported by the hotel occupancy tax and real estate taxes generated from the hotel. The bonds will be amortized over a period of 20 years, after which the conference center will be sold to the hotel owner.