Starwood Hotels & Resorts Worldwide, Inc.(NYSE: HOT) today announced its Sheraton brand will expand its portfolio in the Dallas-Fort Worth metropolitan area with a new hotel planned for McKinney, Texas. The City of McKinney and the McKinney Community Development Corporation (MCDC) are teaming up with Champ Hospitality and Beck Development to build the$38 million Sheraton McKinney Hotel at the corner of Highway 75 and the Sam Rayburn Tollway. The 186-room Sheraton will be McKinney's first upscale, full-service hotel and will be connected to a 20,000 square-foot events center, both slated to open in February 2015.
"I am excited about the prospect of renewing construction on the Gateway Hotel and Conference Center," saidMcKinney Mayor Brian Loughmiller. "As our City Council continues to focus on attracting business development to our community, the availability of meeting space and hotel accommodations for corporate clients, civic organizations and tourists will add to the marketability of our community as not only a great place to live, but a great place to do business as well."
Sheraton McKinney Hotel will feature the brand's signature Link@SheratonSM experienced with Microsoft® – a relaxed space with complimentary wireless broadband where guests can socialize and connect with friends, both old and new. In addition, the hotel will offer a full-service restaurant and lounge, Sheraton Club Lounge, and a fitness facility featuring the brand's revolutionary new health and fitness program, Sheraton Fitness® by Core Performance™. All guestrooms and suites will be outfitted with the all-white Sheraton Sweet Sleeper® bed, designed to meet AAA's Five Diamond Award® criteria, as well as an oversized work desk, ergonomic chair, high-speed Internet, and LCD flat panel television.
"We look forward to introducing the Sheraton brand to McKinney, one of the fastest growing cities in the United States. After spending $6 billion to revitalize the brand, Sheraton is now in the midst of the largest growth spurt in its history, with $8 billion invested in new hotel developments over the next three years," said Allison Reid, Senior Vice President of North American Development for Starwood Hotels & Resorts Worldwide, Inc."Sheraton McKinney Hotel will offer a stylish, comfortable and social atmosphere where guests can make connections and enjoy all the brand's recently enhanced signature services and amenities."
The hotel will be developed by Champ Beck Development, a joint venture between Champ Hospitality and The Beck Group which brings together Champ Hospitality's 30 years of hospitality experience and Beck's reputation as a leading designer and builder in the Dallas area for the past 100 years.
"Our partners share our view that the fast growing and upscale McKinney market is ideal for this type of property," said Jason Gray, McKinney City Manager. "In addition to the prestigious Sheraton name, we are partnering with companies that bring decades of experience in construction and hotel management."
"We are pleased to be working in partnership with the City of McKinney and MCDC to develop this very exciting project," said Joseph H. Champ, Champ Hospitality president. "McKinney has received accolades as a great place to live, work and play and the Sheraton will further the economic development of this great city."
Funding for the project includes funds from the City of McKinney, private equity and bank financing. The City of McKinney will pay for the cost of the conference center which the City will own once it is open.
"We have created a unique and innovative financing plan that provides the city with the opportunity to recoup a portion of its investment upon sale and provides a city-owned conference center. In addition to the positive economic impact from having a high quality, full-service hotel, the McKinney Economic Development Corporation owns an additional 50 acres that can be developed on the site. "The hotel is a critical component in making the entire area successful," said Gray. "That's really the payoff to the community."
"This amenity will increase the value of the adjacent land as a site for future development," said George Fuller, MCDC Board Chairman. "McKinney is aggressively seeking high quality development as we create one of the country's most unique and livable communities."
Recently ranked as the #2 Best Places to Live by Money Magazine, McKinney is 30 miles north of Dallas and is the county seat of Collin County with rolling hills, lush trees, a historic downtown square and unique neighborhoods and developments. Sheraton McKinney Hotel will offer convenient access to Ball Park at Craig Ranch, Southfork Ranch, John Q. Hammons Center, Allen Events Center, and the offices of Experian,Raytheon, Betty Cole - State Farm Insurance.
Starwood has spent the last few years renovating and rebuilding one of the hotel industry's most iconic brands and Sheraton now stands stronger than ever with the strongest portfolio in its history and is experiencing record-breaking growth, putting the brand on track to open its 500th hotel in 2016.
Sheraton Hotels & Resorts, like all brands within Starwood's robust portfolio, is proud to offer the Starwood Preferred Guest® program, which made headlines when it launched in 1999 with a breakthrough policy of no blackout dates on Free Night Awards. SPG® offers members the ability to redeem awards at more resorts, more luxury properties, more European hotels and more golf properties than any other hotel program.
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