WICHITA FALLS (KFDX/KJTL) — The city of Wichita Falls is still hoping to break ground on a new convention hotel by the MPEC in 2020.
Back in January, the city cut ties with the developer, Gatehouse Capital.
It happened after a financing deal fell through because a potential lender wanted the city to basically co-sign for a $10 million loan that would have been given to Gatehouse in case the hotel did not succeed.
The city is now working with O’Reilly Hospitality Management out of Springfield Missouri.
With this new deal, O’Reilly would be the hotel developer and management and will finance 96% of the hotel.
City manager Darron Leiker says the city hopes to finalize the master development agreement in the next month or so.
Leiker says they are still optimistic about breaking ground on the complex by next year.