DoubleTree by Hilton® Abilene Convention Center Hotel
Garfield is developer and asset manager of this 170,600-sq. ft., 200-room, full-service conference hotel located at the intersection of N 6th Street and Cypress Street adjacent to the Abilene Convention Center. The facilities include a Conference Center podium and an 8-story rooms tower. The project is designed to LEED® criteria for Certified certification.
The financing solution positions the City as the beneficial owner of the facilities. The capital stack includes publicly sold tax-exempt hotel revenue bonds that are non-recourse to City, $14 million in grants from anonymous community philanthropists, proceeds of City-issued Certificates of Obligation (C.O.s), and other City sources.
Net cash flow to the City is estimated to be $71+ million over 27 years, with a residual value of $82+ million. In addition to being the sole recipient of net cash flow and residual value, the City will receive the property’s Hotel Occupancy Tax (HOT) and sales tax revenue, including rebates of the State’s first 10 years of HOT and sales tax.
The Hotel is owned by a Local Government Corporation (LGC) and will be operated by Hilton® under a qualified management agreement. The City owns the Conference Center and leases it to the LGC for seamless operation with the Hotel by Hilton®. Groundbreaking took place on October 15, 2021, with an estimated opening in Q2 2023.
- 3-Meal Restaurant with Private Dining
- MADE Market
- Lobby Bar
- Library Lounge
- Festival District Park
- Outdoor Dining Overlooking the Festival District Park
- Rooftop Pool and Party Deck
- 12,000-SF Ballroom
- Fitness Center
- Five Feet to Fitness Guestrooms