K Partners Continues Expansion with Groundbreaking of Marriott Complex
SAN ANTONIO, TX, October 28, 2008. K Partners Hospitality Group, LP, today announced the groundbreaking of two hotel properties in El Paso, Texas. Continuing the company's aggressive growth strategy, the $24 million two-hotel complex will feature a Springhill Suites and Fairfield Inn & Suites, both Marriott brand hotels.
Atlanta-based Specialty Finance Group is providing construction loans for both hotels. In the last six months, K Partners and Specialty Finance Group have completed over $45 million in financing transactions.
The 5-acre hotel complex is ideally located in the growing western sector of El Paso at the southeast intersection of Interstate 10 and North Mesa Street at Remcon Circle. The hotels will be convenient to downtown El Paso, the University of Texas at El Paso, the new medical campus at Texas Tech University Health Sciences Center El Paso, the Northwestern Corporate Center, Sunland Park Mall, the Sun Valley Outlet Shopping Center, the Sunland Park Racetrack and Casino, and rapidly growing Santa Teresa. The hotels will also be in the direct vicinity of nearly 20 dining options, such as Starbucks, Pei Wei, Cracker Barrel, Famous Dave's and Chili's.
The 103-room Springhill Suites will feature an outdoor pool, 1,100 square feet of meeting space, an executive boardroom, a fitness center, complimentary internet access and hot breakfast. The four-story hotel is expected to open in the second quarter of 2009.
The Fairfield Inn & Suites will feature an indoor pool and whirlpool, 600 square feet of meeting space, an executive boardroom, complimentary high-speed internet, a business library, ergonomic work areas and complimentary "Early Eats" breakfast. The four-story hotel is expected to open the third quarter of 2009.
Currently in the midst of an economic boom, El Paso has recently seen an influx of residential and commercial properties throughout the city. Additionally, as a result of the Base Realignment and Closure (BRAC) initiative, Fort Bliss is expecting to grow from its current level of 12,000 personnel to in excess of 35,000 personnel by 2011. As a direct result of the base growth, it is anticipated that nearly 20,000 civilian jobs will be created. Additionally, the Fort Bliss expansion is predicted to impact to the local economy by more than $4.5 billion when complete.
"El Paso is a thriving market and we are glad to be part of the city's overall growth plan," said Mark Crisci, Executive Vice President of Investments and Development for K Partners. "Ideally suited for the El Paso marketplace, we feel the convenient west side location of the Fairfield Inn & Suites and Springhill Suites will bring two additional great lodging options to travelers visiting El Paso."
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
