|By Andrea Ahles, Fort Worth
Star-Telegram, TexasMcClatchy-Tribune Regional News
May 02, 2012--Dallas/Fort Worth Airport unveiled plans Tuesday to build a Hyatt Place hotel near its rental car facility.
The $23 million hotel would be the first project in the proposed Southgate Plaza. The mixed-use development near DFW's south entrance was first discussed in 2007, but the airport pulled back plans during the recession.
At the airport board's committee meeting Tuesday, Vice President Mike Phemister said the hotel would have 133 rooms and could be open as early as October 2014.
A feasibility study found that the hotel would open with occupancy around 70 percent with average nightly rates of $127. Those figures could rise to 74 percent occupancy and $143 per night by 2018, Phemister said.
The hotel could generate operating income of $1.3 million a year in its first few years, he added.
The airport's member cities, including Fort Worth, have to approve the project before the board can consider funding construction. In 2008, then-Fort Worth Mayor Mike Moncrief expressed concern that Southgate would compete with other cities for hotel revenue and convention business.
The Hyatt Place would be the third Hyatt hotel on airport property. The airport has a Grand Hyatt at Terminal D and a Hyatt Regency next to Terminal C.
Andrea Ahles, 817-390-7631
(c)2012 the Fort Worth Star-Telegram
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