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Home | Tag Archives: Meyers Group

Tag Archives: Meyers Group

Meyers Group, City Bank of Texas Close on Loan for Paso Del Norte Restoration

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.

Rendering of the Paso Del Norte’s rooftop patio and pool area | Courtesy Meyers Group

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.

Click here for Herald-Post’s previous coverage of the Hotel Paso Del Norte

Gallery+Story: Meyers Group selects InterServ to Restore, Renovate Hotel Paso del Norte

The Meyers Group has selected InterServ, LP, the leading company providing renovation and construction services to the hospitality industry, to oversee the complete restoration and renovation of the historic Hotel Paso Del Norte, which will be known as a Marriott Autograph Collection Hotel.

“There is an intense sense of responsibility when it comes to restoring a historic landmark, one that was built in the early 1900s. It requires partnering with an exclusive group of tradespeople with a specific skill set,” said Eli Tene, Managing Partner at InterServ, LP. “We are honored to be a part of this special project and can’t wait to unveil the final product next year.”

InterServ is responsible for the demolition and reconstruction of 344 guest rooms, a new state-of-the-art gym facility, a stunning dome bar, steak house restaurant, the lobby and lounge areas of the property, the outdoor courtyard and more.

“The Hotel Paso Del Norte is a beloved historical landmark in Downtown El Paso, and restoring a property like this requires diligence and commitment.” said Stuart Meyers, Founder and CEO of the Meyers Group. “We look to the expertise of the InterServ team as they breathe new life into the hotel and we can’t wait to reintroduce it to Downtown El Paso next year.”

The Meyers Group will spend $70 million in private investment for the restoration, and the redesign will highlight local materials such as copper, brass and deep burnished leather to create the traditional robust atmosphere of the El Paso historic hotel.

The use of natural materials, such as worn rough wood finishes, will be used to offset the polished metals set alongside the charcoal gray and deep brown colors of the red ochre hues surrounding the Franklin Mountains. Kobi Karp Architecture and Interior Designed, an experienced hospitality and historic renovation architectural firm based in Miami, headed the redesign for the hotel.

“The Hotel Paso Del Norte is one of the most important historic buildings in the Southwest. Since opening in 1912, it has served as an iconic landmark welcoming visitors to Downtown El Paso,” said Brian Brooks, CEO of InterServ, LP. “We are thrilled to be a part of this remodel, and look forward to restoring the hotel to its historic glory, while providing a beautiful, high-end venue for locals and tourists to enjoy.”

The Meyers Group purchased the 100-year-old hotel in 2016, and is now committed to bringing it back to life with luxurious design and quality finishes while still maintaining the historical significance and integrity of the property.

Meyers Group promotes Josh Meyers to Executive Director, Real Estate Project Development

Thursday, the Meyers Group announced the promotion of Josh Meyers to Executive Director of Real Estate.

Josh currently oversees acquisitions and construction of new luxury, market-rate residential and commercial developments. In his new role will retain these duties and will be adding responsibilities to include identifying and pursuing new development projects and partnerships in the western region centered around El Paso, Texas. 

“The opportunity for growth in this area is unlimited and as we continue to expand our footprint in El Paso, it is also important to continue developing our executive team,” said Stuart I. Meyers, Chairman and CEO of the Meyers Group. “Josh has shown extraordinary entrepreneurial instinct with the acquisition of Hotel Paso del Norte. We are confident that he will play a major role in continuing to further expand our success.”

Josh joined the Meyers Group after serving as a Marketing and Property Manager at the Cornerstone Group in South Florida. An experience real estate professional, he has played a vital role in establishing Meyers Group’s presence in El Paso.

He will now take over the construction and development of Miradores, the company’s major residential project underway in West El Paso on Shadow Mountain Drive.

A native of Tulsa, Okla., Josh is a graduate of Fort Lewis College in Durango, Colo., where he earned a Bachelor of Science in Business Administration. Josh received his master’s degree in Real Estate Development and Urban Planning from the University of Miami Graduate School of Architecture.

Local Developers Plan Long-Awaited Rebirth of Hotel Paso del Norte in Downtown

The Hotel Paso del Norte, one of the most important historic buildings in the Southwest, will be renovated and restored as part of a plan announced Tuesday by local developers, Meyers Group and Two Sabes LLC.

The hotel has been operated as the Camino Real Hotel by Grupo Empresarial Angeles of Mexico City. The hotel is located at 101 South El Paso Street in Downtown El Paso.

During Tuesday’s City Council meeting,  Council approved a term sheet that will allow City staff to move forward with the incentive process for a private redevelopment project that will revitalize the historical downtown Camino Real Hotel into a convention hotel.

“Since opening in 1912, the Hotel Paso del Norte has served as an iconic landmark welcoming visitors to Downtown El Paso,” said Josh Meyers, Vice President of the Meyers Group. “We are humbled to help this city reclaim its place as the premier city in the American Southwest by breathing new life into this architectural treasure.”

The term sheet not only allows staff to develop a 380 agreement with the private investor, Meyers Group Acquisitions, but it allows the investor to begin work on this redevelopment project.

“This revitalization project has been a long time coming,” El Paso Mayor Oscar Leeser said.  “I’m proud to say that this is not only a City initiative, but an initiative that includes our partners at the County and State level. This project is going to be key to our redevelopment efforts of downtown and is definitely a catalyst for our continued economic growth here in the El Paso region.”

paso del norteThe redevelopment will be lead by the Meyers Group and Two Sabes LLC. Meyers Group is also developing Shadow Mountain Tower in West El Paso. Two Sabes is lead by Richard Aguilar of EPT Land Communities, which is developing Montecillo in West El Paso.

“While this project signifies the importance of El Paso’s rich history, it also signifies the optimism we all feel about El Paso’s future,” Meyers said. “Significant Downtown investments — both public and private — have created an environment in which projects like this one make good business sense for investors and developers.”

The hotel, which sits in the heart of downtown, is expected to see a $70 million renovation and transformation into a much garnered convention hotel. The City of El Paso, the County of El Paso, and the State of Texas are anticipated to assist in this redevelopment project by providing incentives totaling $34 million in State and local taxes.

“A lot of hard work with a strong team has taken place to make this project a reality,” said City Manager Tommy Gonzalez. “This project includes a return on investment clause that pays the City a percentage of the net profits in perpetuity. When completed, the convention hotel will bring even greater opportunities to our already thriving downtown.”

The Hotel Paso del Norte was designed by architect Henry C. Trost and built by Zachary T. White. When it opened in 1912, constructionlobby cost about $1 million.

The hotel was added to the National Register of Historic Places in 1979 and features a 25-foot- diameter stained glass dome reputedly created by famed American artist Louis C. Tiffany.

Guests reported to have stayed at the hotel include U.S. Gen. John J. “Black Jack” Pershing, Mexican Gen. Álvaro Obregón Salido, famed aviator Amelia Earhart, and then-Vice President Richard Nixon.

A final incentive agreement is expected to be brought back to the El Paso City Council in September for approval.

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