MIDLAND, Texas — A new hotel could soon be making it's way to Downtown Midland.
Midland Downtown Renaissance - led by Dan Hord, Jack Harper and Michael McWilliams - are spearheading the group that is trying to turn the Hotel Santa Rita project into reality.
The first phase of the project will be building the hotel itself. It will come with a minimum of 135 guest rooms and include a minimum 8,000 square foot ballroom and meeting space.
Hotel Santa Rita will also come with a parking garage that will house 800 parking space. The hotel itself will overlook both Centennial Park and the Bush Convention Center.
The question that is on everyone's mind though, is just how will the Hotel Santa Rita be financed?
The hotel's Marketing Manager Al Escamilla said "the estimate is over $155 million. Obviously these are all estimates because you never know what you're going to run into."
Investors are hoping to raise at least $130 million - or around 66% of the project - on their own, but the rest they are hoping the city will chip in and help with.
On Monday, Midland Downtown Renaissance will go to Midland Development Corporation, who will make a vote to approve the project before passing it off to Midland City Council on Tuesday.
According to the Convention Center Hotel Master Development Agreement, MDC will be contributing $45 million - or the remaining 34% of the project - which will be dispersed in increments over the course of five to six years.
If approved, Hotel Santa Rita would be aiming to complete construction in late 2026 to early 2027.