Wallace/Bajjali bringing in new hotel developer
Thu, 31 Oct 2013 16:31:09 GMT —
The Local Government Corporation is announcing NewcrestImage, the owner of the downtown Marriott in Amarillo, will be developing the new convention hotel.
Costa Bajjali says Wallace/Bajjalli will remain the umbrella developer for the three city projects, the hotel, the parking garage and the ball park, but NewcrestImage will bring in their own financing to develop the hotel that will go up across the street from City Hall.
Gary Pitner of the Local Government Corporation says originally they expected the project to be further along, but the exotic financing planned at the beginning of the process didn't pan out.
Now, he says, the economy has improved and more conventional financing is available.
NewcrestImage can take advantage of their own connections in that regard.
They say the company is already well-respected in town and looks forward to expanding.
They haven't determined the brand as of yet, but they have already hired an architect and have been examining the location.