Near Convention Center
|SPRINGFIELD, Mo., Aug. 4, 2004 - Mr. John Q. Hammons today announced
he has submitted a contract to purchase a site to build an upscale, 10-story,
300-suite hotel in the southern end of downtown Fort Worth, Texas.
The property will be owned and developed by Mr. John Q. Hammons and managed
by Springfield, Mo.-based John Q. Hammons Hotels, Inc. (Amex: JQH), the
nation's leading independent builder, developer, owner and manager of upscale
full-service hotels, resorts and suites.
Prominently located in the northwest quadrant of I-30W and I-35W at the intersections of Lancaster Avenue and Main Street, the hotel site is positioned approximately 950 feet from the city's downtown Convention Center, is within walking distance of the city's well-renowned Sundance Square and is approximately three miles from Texas Christian University.
"Fort Worth's thriving downtown serves as home to a unique mix of residential, retail, office and entertainment venues, creating an attractive and pedestrian-friendly atmosphere that is in sync with my hotel development strategy," said Mr. John Q. Hammons, founder, chairman and chief executive officer of John Q. Hammons Hotels, Inc. "Adding a high-end property to this area will match the city's commitment to future growth and complement its existing historical charm and vibrant street activity."
Anchored by dynamic commercial, retail, entertainment and living environments, Downtown Fort Worth offers a truly spirited economic climate for growth. The new hotel will complement the city's Lancaster Corridor Redevelopment Project, a plan to further redevelop the southern end of Downtown Fort Worth. Lancaster Avenue will be redesigned as an "urban street," which provides a pedestrian-oriented area that capitalizes on streetscape enhancements, arts and entertainment activities and vibrant public plazas. Additionally, it serves as a means to connect Downtown more effectively with the Medical District on Fort Worth's south side.
"City revitalizations provide a prime opportunity to help communities realize their growth and attract visitors to the renewed area. Providing a hotel that will offer a convenient lodging and meeting option for business and leisure travelers is a natural fit for the growing market. I look forward to being a part of the initiatives surrounding the redevelopment of Fort Worth's south Downtown area," Hammons said.
Publicly traded on the American Stock Exchange, Springfield, Mo.-based John Q. Hammons Hotels is the nation's leading independent builder, developer, owner and manager of upscale, full-service hotels, resorts and suites, including: Embassy Suites Hotels, Renaissance, Marriott, Radisson, Residence Inn, Homewood Suites by Hilton, Holiday Inn and Courtyard by Marriott brands. With 60 hotels strategically located near demand generators, such as state capitals, universities, airports, corporate headquarters or office parks in secondary and tertiary markets, John Q. Hammons Hotels' properties are dominant in their markets. The company's focus is capitalizing on positive operating fundamentals in the upscale, full-service sector, converting existing hotels to franchise brands and selling mature assets, while reinvesting the proceeds and reducing debt. Over the course of his impressive career in the hotel business, Mr. Hammons has developed 150 hotels.
John Q. Hammons Hotels, Inc.
|Also See:||Omni Hotels Proposing $90 million, 600-room Hotel Across from the Fort Worth Convention Center; Seeking $25 million in Tax Rebates and Public Incentives / May 2004|
|Gaylord Texan Resort & Convention Center Puts Dallas, Fort Worth, Houston and Austin on Notice That It's A Player / June 2004|