Wingate Hotel Property Breaks Ground
Published September 27, 2012 4:00pm by
With one hotel development project well underway in downtown Seminole, a second planned venture in western Seminole officially broke ground last week.
A venture -- Wingate by Wyndham -- which is anticipated to bring 65-to-80 additional rooms to the Seminole community.
Groundwork on the development, located in the 1100 block of Hobbs Hwy., began early last week, according to Shafik A. Tejani, Vice President of Acquisitions and Asset Management for MTP Hospitality Solutions, the Midland-based developer of the project.
"We are excited to finally get this project going and, again, can't wait to be a part of the Seminole community," said Tejani. "It has been a long road to get here, but we are finally here."
The estimated $6 million hotel development will be located on a 1.75 acre tract of land located directly west of an Allsup's Convenience Store, on the eastern grounds of the former Texas Equipment yard.
The development is receiving financial assistance from the Seminole Economic Development Corp., who in January of this year, agreed to the terms of a $750,000 incentives agreement, for a term not to exceed seven calender years.
The SEDC, in the incentives package with the hotel developers, has agreed to the following payment schedule with hotel developers:
• $50,000 upon ground breaking for Wingate by Wyndham;
• $200,000 upon opening the Wingate by Wyndham;
• Up to $100,000 on each anniversary of opening for a term not to exceed seven years or a total disbursement of $500,000 based upon the following occupancy levels:
* Under 55 percent occupancy -- $100,000;
* Over 55 percent but under 65 percent occupancy -- $75,000;
* Over 65 percent but under 78 percent occupancy -- $50,000; and
* Over 78 percent occupancy -- $25,000.
Tejani, in a Monday conversation with the Senitinel, believes the hotel project will be completed within an "8-to-9 month window."
"We are shooting for opening this in May, if not the summer (of 2013)," said Tejani. "We sure hope not to run into anymore major roadblocks along the way."
The development group ran into issues in attempting to purchase adjoining land near the property site, as well as minor contract issues and issues with obtaining equipment for groundwork on the project.
Officials have planned an Oct. 9 ground breaking ceremony for the hotel development, in which Tejani has invited the general public to attend.
"This is a big deal to us, and to Seminole as well," he said.
Wingate by Wyndham is a brand overseen by Wyndham Worldwide, according to the company's website -- www.wyndhamworldwide.com.
According to a mission statement on the Corporation's website, Wyndham Worldwide offers individual consumers and business-to-business customers a broad suite of hospitality services and products across various accommodation alternatives and price ranges through its premier portfolio of world-renowned brands.
Wyndham Worldwide encompasses approximately 7,360 franchised hotels and vacation ownership resorts with approximately 632,000 rooms worldwide. Wyndham Exchange & Rentals offers leisure travelers, including its 3.7 million members, access to approximately 99,000 vacation properties located in approximately 100 countries. Wyndham Vacation Ownership develops, markets and sells vacation ownership interests and provides consumer financing to owners through its network of vacation ownership resorts serving nearly 815,000 owners throughout North America, the Caribbean and the South Pacific.
Wyndham Worldwide, headquartered in Parsippany, N.J., employs approximately 26,000 employees globally.