The Cambria Hotel, the first of three East Waco hotel projects by KB Hotels, met its Nov. 10 completion goal, with March completion dates on the horizon for the neighboring Even Hotel and Holiday Inn Express. The hotels are expected to receive Tax Increment Financing (TIF) Zone rebates should KB complete the hotels on time.
The 132-room upscale hotel began rooming guests last week after receiving a temporary certificate of occupancy, which allows the structure to be occupied while awaiting its final checks.
The Cambria Hotel will receive $1.34 million from the TIF Zone and up to $1.72 million in hotel occupancy taxes.
The 128-room Even Hotel, if complete by March 1, will receive $1.15 million in TIF funding and up to $1.68 million in taxes.
And the 101-room Holiday Inn Express, if complete by March 1, will receive $780,000 from the TIF and up to $1.46 million in taxes.
The post First of 3 TIF Zone Waco Hotels Opens appeared first on Connect CRE.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
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Read MoreConnect CREThe Cambria Hotel, the first of three East Waco hotel projects by KB Hotels, met its Nov. 10 completion goal, with March completion dates on the horizon for the neighboring Even Hotel and Holiday Inn Express. The hotels are expected to receive Tax Increment Financing (TIF) Zone rebates should KB complete the hotels on time. …
The post First of 3 TIF Zone Waco Hotels Opens appeared first on Connect CRE.