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Tyler Council approves performance-based incentives for planned 140-room Blackstone Hotel downtown
Summary
The Tyler City Council approved a performance-based incentive package to support a proposed 140-room Blackstone Hotel by Valencia Hotel Group, with a maximum public commitment capped at about $12 million payable over 10–11 years if performance targets are met.
The Tyler City Council on Aug. 27 approved a performance-based incentive package to support construction of a proposed 140-room Blackstone Hotel in downtown Tyler. The council voted to authorize the city’s portion of a public-private partnership for the project after a staff presentation and consultant briefing that described the hotel as a catalytic downtown investment and outlined the proposed incentive structure. City staff presented the Valencia Hotel Group proposal as a full-service, destination hotel with meeting and wedding space and an estimated private investment of roughly $47.7 million to $50 million. Consultant Trent Petty told the council the developer expects about 140 rooms, roughly 5,700 square feet of meeting space and an overall…
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