WICHITA FALLS, Texas (TNN) - A new $50 million building is coming to Wichita Falls.
“The facilities that exist are nice but they’re missing enough meeting space to bring the big associations to Wichita Falls,” said Tim O’Reilly, the CEO of O’Reilly Hospitality Management, LLC.
In an effort to bring those larger conventions and associations to the city, city council approved an agreement with O’Reilly Hospitality Management for a new hotel and convention center.
“The biggest advantage for the citizens is we’re going to be able to bring in more conferences to utilize our existing facilities and our new facilities,” added Blake Jurecek, the Wichita Falls assistant city manager.
O’Reilly’s will build and maintain a 200 room hotel at a cost of $48 million dollars.
Within the same building, the city is investing eleven-million-dollars towards a new convention center.
O'Reilly will pay the city a rental fee each year.
“The two go hand-in-hand," said O’Reilly, "I mean you really have to have a host hotel with meeting space to attract what you need to attract to be successful.”
Already, Wichita Falls residents pay a subsidy towards activities held at the MPEC. The city says with this new hotel that concern will no longer fall on the taxpayer.
“That’s the goal is to use the sales tax that we already collect to help pay for the conference center to ease the burden to our taxpayers,” explained Jurecek.
Today’s vote only approved the development stage for the project. In six months city council and the 4B board will have to vote again to approve the final budget. It will most likely be 2022 before we see this hotel up and running.