Arlington’s city council has approved a plan to give the city a new major hotel and meeting space.
The city will form a public-private partnership with Loews Hotels and Co. to build a 500-room hotel with a minimum of 25,000 square feet of convention center space.
Arlington’s city council unanimously approved the project at their Tuesday night meeting without discussion.
The new hotel near Interstate 30 will replace the 311-room Sheraton Arlington Hotel which Loews acquired this summer. Built in 1984, the 19-story hotel has about 26,000 square feet of meeting space and was last renovated in 2009.
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Under the proposal with the city, the existing hotel will be demolished to free up 14 acres for the new project. Work to prepare for the development would start next year.
A new parking garage would serve the planned hotel and other venues in the area.
“The total project cost is estimated at $410 million,” according to a filing with the city. “The developer is advance funding all components of the project using private equity and debt.”
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Arlington will contribute $40 million toward the development costs plus provide annual grants totaling more than $57 million over 25 years.
