On Tuesday, the Meyers Group led by Stewart Myers, announced the closing of a construction loan with City Bank of Texas for the restoration of the historic Camino Real Hotel.
“Securing the loan for the Hotel El Paso Norte restoration is a major milestone in the progress of this project,” says Stewart Myers, Chairman and CEO of Meyers Group. “We are thrilled to have the support of City Bank of Texas to aid in the current revitalization of El Paso. These restorations will not only awaken the rich history of El Paso, but also fill the void in the city for a convention hotel downtown.”
The City Bank of Texas, under the guidance of Ann Herkenhoff, provided financing for the restorations of Camino Real Hotel, which will be renamed to Hotel El Paso Norte once the project is complete.
The City Bank of Texas provided the fixed-rate mortgage to Stewart Meyers of the Myers Group team.
Renovation plans for the hotel include all 356 hotel rooms and suites, as well the second-floor Grand Ball room, and meeting and conference rooms. The entire lobby level, including all food and beverage operations and especially the famous dome bar and restaurant, will be completely restored.
Further, the historic 10th floor ballroom and terrace, currently being used for mechanical purposes, will be restored to their original grandeur and feature a luxurious full-service spa, state-of-the-art gym, pool and pool deck, along with dining and beverage on the terraces overlooking the city.
“City Bank is proud of our financial commitment to be a part of the revitalization of such an iconic downtown El Paso landmark,” says Ann Herkenhoff of City Bank Texas.
“It is exciting to see one of the Southwest’s great hotels of the 20th century become one of the greatest of the 21st. This project would not have happened without a lot of hard work from the Meyers Group, the Aguilar Family and the City of El Paso. It was a complicated transaction. City Bank led a group of ten banks from Texas and New Mexico to finance the project. It was great to work with other banks in the region, most notably Citizens Bank, to structure the financing package,” Herkenhoff added.
The world-renowned team at Kobi Karp Architecture and Interior Design was selected to design the restoration of the historic hotel. The El Paso architect firm of in’situ Architecture, led by William C. Helm, is the collaborating team for the project.
The restoration of the Hotel Paso del Norte will be the second project for the Meyers Group in El Paso.
The firm recently closed on the purchase of a four-acre vacant lot at 201 Shadow Mountain Drive. A mixed-use development is planned for this desirable property in west El Paso including 300 units of condominiums, 50,000 square feet of supporting retail development which includes food, retail, entertainment and the possibility of a hotel.