WICHITA FALLS, Tx (RNN Texoma) - Wichita Falls city leaders believe they're making lots of progress on a project to bring a full-service Delta Hotel to the city, but a financial deal has still not been reached.
Wichita Falls and developer Gatehouse Capital are trying to find the best deal.
Since Newschannel 6 reported in January that Gatehouse Capital and the city had a financial agreement tentatively reached for a new hotel, the city has had opportunities to sign and make it official.
However, Deputy City Manager Jim Dockery said that hasn't happened because they haven't felt confident in those offers.
In the meantime, they've finalized a majority of their legal documents so they can move quickly when a deal is official.
Dockery said he remains optimistic a deal will get done and believes banks won't be scared away from the city turning down a couple deals.
"There's only so much income that will come in from 150 rooms in a hotel," Dockery said. "And we've got to make sure that revenue expectation is enough to cover the annual fixed costs associated with operating a hotel."
Dockery said they were on the phone just last week with the president of Gatehouse Capital and he was emphatic that a deal would get done.
Dockery added they are much closer to finalizing a deal now than they were in January.
The full-service hotel would cost $30 million and be located next to the MPEC.
$20 million would be paid for by Gatehouse Capital and the final $10 million by the city with funds from the 4B board, not raising taxes.
Dockery re-iterates that the hotel project is not part of any of the seven bond proposals.
Regardless of what happens in that election in May, the city will work to build the hotel.