FORT WORTH, TX City officials here are supporting the proposed conversion of the Texas & Pacific Terminal Building into an upscale hotel, according to a report in the Fort Worth Star-Telegram. However, the project may cost too much money developers want the city to create a special authority to help finance the $50 million renovation and hotel construction project with tax-free bonds. Under the plan, the authority would own the hotel and the developers would hire a hotel management company to run it. Within 10 years, the hotel could revert to private ownership.
Preliminary plans for the T&P building call for the 1931 structure to be turned into a four-star, railroad-themed hotel with 290 to 330 guestrooms. Wyndham Hotels & Resorts has reportedly expressed interest in operating the facility, which could open in late 2002 or early 2003. (4/18/01)
SOURCE:Fort Worth Star-Telegram