The Round Rock City Council voted 7-0 on Thursday, Jan. 26, on an economic development agreement for a full-service hotel with meeting space near Bass Pro Shops. Stonemill Hospitality LLC will invest a minimum of $20 million and employ at least 60 full time at the Embassy Suites Hotel and Convention Center.
“Having an Embassy Suites at this location is great for our destination retail, and a real benefit for those utilizing the hospitals in our northern sector,” Mayor Alan McGraw said. “Adding more convention and meeting space for our business community is also a tremendous win for Round Rock.”
To qualify for economic incentive payments, Stonehill must meet the investment and employment figures above for a 160-room hotel with 14,000 square feet of meeting and convention space. The payments will be an amount equal to 57 percent of the hotel occupancy tax collected by Stonehill and actually paid to the City. The payments will not exceed $4 million over the 10-year term of the agreement.
The targeted completion date for the upscale hotel project is July 1, 2019.
“Embassy Suites hotel is a great addition to Round Rock”, said Ben White, Round Rock Chamber vice president of economic development. “The hotel will be optimally located along the I-35 corridor near Premium Outlets and is a great complement to the growing destination retail center in our city.”
You can watch the presentation and discussion by the City Council on the agreement here.