Hilton Skirvin Hotel

[Patrick]

Originally work was supposed to begin Oct. 1st, 2004, but the start date was pushed back some because one of the investors was replaced by another. Also, paperwork is still being completed. The deal should close in January, with work beginning this Spring...I'm not sure if an exact date has been set yet.

Here's the article I posted earlier that spell all of this out:

""Key Skirvin investor out, new money in
by Ted Streuli
The Journal Record
10/20/2004

FaulknerUSA wants out of the Skirvin Hotel redevelopment project, but a new investor plans to step in.
John Weeman, who heads Texas-based Partners in Development and assembled the members of Skirvin Partners, said an investor his company has done business with in the past has signed a letter of intent to take assignment of FaulknerUSA's interest in the project.

The assignment must be approved by the partners and the city, which Weeman said would consider the investor switch at a November meeting.

FaulknerUSA, a contracting company, had agreed to a $1.5 million investment in the Skirvin's redevelopment but was not the company hired to do the work. Weeman said the new investor had committed to invest more than had FaulknerUSA.

Weeman said the new money would come from a Dallas-based investment company that has backed Partners in Development hotel projects in the past. The company asked to remain unidentified until its participation is approved by the city, Weeman said.

"They're pretty sensitive about those things," said Weeman. "It shouldn't be a problem. It's solid, on track and the deal's in good shape. We're taking money out of a different pocket, but frankly, this pocket's a better fit for the project."

Oklahoma City elected officials voted to fund $18.4 million of a $46 million renovation, with Skirvin Partners buying the 93-year-old building for $430,000 and the city retaining ownership of the land. Marcus Hotels, which is a member of Skirvin Partners, agreed to manage the hotel.

"We really have a win/win situation in that we've had the benefit of Faulkner's experience in developing an innovative structure for the Skirvin redevelopment," said Weeman. "And we will have a new partner with substantial equity resources that will be a great fit for the project."

City Manager James Couch and Urban Renewal Authority Executive Director JoeVan Bullard said last week that the projected Oct. 1 closing date on the property was delayed because the project's financing was not yet in place and because the city wanted to pursue a low-interest federal loan to remove asbestos from the building. Bullard and Weeman said that an early January closing was now more realistic, but that the Skirvin would still open under the Hilton brand in the spring of 2006."

[BG918]

Who is rating these "four star" hotels? The OKC travel guide?

There isn't a standard hotel rating and every hotel can have different ratings. I'd definitely say the Waterford Marriott is four star, the Renaissance maybe. I hope the Skirvin is four star and I hope it has a four star restaurant, OKC needs another really upscale restaurant. If they put it on the top floor with views of the skyline it would be my new favorite place.

Tulsa has the new Renaissance, which is about as nice as OKC's Renaissance, maybe a little better but in a much worse location. The Ambassador in Uptown should definitely be considered four star, it's small but it's extremely nice and has a great restaurant, The Chalkboard. The Doubletree's (downtown and Warren Place) are both really nice, solid three star though, Warren Place is much nicer IMO. If they ever remodel the Mayo I would hope they would return it to its glory days and have it be a four or five star hotel.

[Luke]

AAA and Mobil both have world recognized hotel ratings systems. Mobil uses "stars" and AAA uses "diamonds."

According to Mobil's web site (http://www.mobiltravelguide.com/mtg/) there are no 4 or 5 star hotels in OKC. But, there are four 3 star hotels: Hilton (now, Crowne Plaza), Renaissance, Westin (now, Sheraton) and Marriott Waterford.

According to AAA's web site (http://www.ouraaa.com/news/news/diamond/lodging4.html) they give the Renaissance and the Marriott Waterford both 4 diamonds. So, earlier in this thread when I said OKC has two 4 star hotels, I should have said 4 diamond hotels.

[Patrick]

I think I'd have to agree with AAA over Mobil on their ratings of our hotels. The Crowne Plaza is okay, but I don't even begin to put it in the same league as the Renaissance and Waterford. I even question whether the Sheraton falls in the same league as the Renaissance. The Renaissance is a lot nicer hotel, and definitely more pricey.

[Luke]

http://www.zaxonusa.com/Projects.html

I assume this is the company that did the cost analysis for the Skirvin Hotel. Check out the picture on the bottom left of the page. Looks fancy.

I really hope they do this hotel up right and make it the jewel it once was.

[Luke]

PS: There's another picture about 3/4 of the way down of a restaurant in the Skirvin. I know they're probably concepts, but still... looks like the point was made that this is gonna be a nice place.

[downtownguy]

The web site you are referring to is very outdated, and is linked to work ordered by Oesman Sapta, a mysterious Indonesian who owned the hotel in the mid-1990s. The drawings also have no connection to the current project.
- The Downtown Guy
www.downtownguy.blogspot.com

[Patrick]

I guess it was all wishful thinking on Sapta's part!

[Luke]

Hahaha... Wishful thinking on my part as well? We'll see, I suppose...

[Patrick]

Okay, well sort of....the city is just finishing up removing asbestos before the sale is completed.

---------
"Skirvin renewal reaches asbestos removal stage
by Brian Brus
The Journal Record
1/11/2005



Bids are due today for about $1 million in asbestos abatement work at the Skirvin Hotel, one of the biggest steps leading up to finalizing the sale of the downtown property in mid-2005, city officials said.
A contract will be awarded Jan. 18, with work to begin by February, said Brent Bryant, business manager for the Oklahoma City finance department.

The Skirvin was built in 1910 and closed in 1988. In mid-2002, the city of Oklahoma City bought the vacant building for $2.8 million, and in 2004 the Oklahoma City Urban Renewal Authority granted the opportunity to develop the property to a group led by Irving, Texas-based Partners in Development, now working under the name Skirvin Partners LLC.

Developers plan to remake the building into a full-service Hilton Hotel while maintaining some sense of its historic charm. To get to that point, however, the building must first meet certain environmental standards, Bryant said. So in November, the Oklahoma City Council agreed to let Skirvin Partners begin asbestos abatement ahead of the sale.

"This is a unique project that requires - I guess I'd call it several 'baby steps' - because it's complicated," Bryant said.

The sale involves a loan by the city for up to $18.4 million that draws from federal funds for inner-city revival and a tax increment financing district. Skirvin Partners would pay back the loan over 15 years.

"You just have to take it one step at a time, and this is a major one," Bryant said. "… This will make the bank part of the deal move along a lot smoother.

"In the interim, though, we're still doing due diligence on working toward attaining the guaranteed maximum price we need," he said.

Joe Van Bullard, executive director of the Urban Renewal Authority, said, "A minute after the sale closes, they can definitely get in there and start rehabbing the structure."

Bullard said the hospitality industry seems to have finally recovered from the terrorist attacks of Sept. 11, 2001, which also hurt the travel industry and sent ripples throughout the economy.

"And there are definitely more investors looking at hospitality-type projects, i.e. hotels, because the office market in most metropolitan cities and the multifamily housing markets are not very attractive right now," said Bullard. "So from an overall perspective, I think there is definitely an increase in interest in hotels, which can only help us."

[Luke]

According to Mr. Lopez, the target opening date is still in '06. I am really excited about this hotel

[metro]

indeed, Luke is right, supposively Jan or Feb. 06, Luke did you make it to our AEP meeting last night?

[Luke]

I sure did, metro.

Looks like a great organization. I am definitely going to consider joining up.

[Patrick]

I think we will all be a little more settled once the hotel is finally re-opened. Unfortunately, people are still a little bit skeptical because of all of the failures over the years. I'm not really skeptical, but of course I'm not 100% certain either. I just hope we finally found the right developer this time. The Skirvin is too pretty of a building to lose. Historic hotels seem to be a draw in other cities. Everytime I go to a different city, I try to stay in an older hotel. I often stay at Drury Inns because the Drury family has restored many historic buildings across the country. Awhile back we stayed at the Drury Inn San Antonio Riverwalk.....the building was gorgious.....was built originally as the Petroleum Commerce Building, and office building.......it ws built back in the 1920's. The Drury Family recently opened it as a hotel in the late 1990's after a few serious renovations.

Here are some pics:








The lobby is just gorgious!





Because it'sa historic structure, all of the ceilings in the rooms are very high, making it feel like a much larger room.









They even added a pool on the roof.

[Luke]

Beautiful hotel!

[metro]

I'm pretty confident the Skirvin deal is good

[Midtowner]

[Patrick]

In St. Louis I've stayed at 2 different Drury's, both historic buildings. One is at Union Station the other at the arch. I'll post on them separately below! Too bad we couldn't get Drury to locate here. First National maybe?? They do such a ncie job converting old historic structures to hotel use. Maybe a nice Bricktown warehouse would be a good use? Drury Inn Bricktown!

[Patrick]

This is the Drury Plaza Hotel at the arch. The building was built in 1919 and was a warehouse/office building.

Drury recently renovated the historic structure in the 1990's.

Here are some pics:

[Patrick]

This was my absolute favorite....the Drury Inn Union Station, an old railroad warehouse re-invented into a hotel by the Drury family. The building was built in 1907. Hmmm....around the same time the Skirvin was built.

-----------

[Patrick]

I must admit, the historic Mayfair Hotel in St. Louis is not too shabby either. It was originally built as a hotel, unlike the others....it's been around since 1925.

I won't post the pics, but you can check out more at: http://www.wyndham.com/hotels/STLMF/main.wnt?aff=wyn02

[Midtowner]

I'd rather see a Hyatt Regency locate downtown. Those hotels are always HUGE. I've stayed at the Dallas Regency when going to the OU-TX game, very nice. I also stayed in the St. Louis one last year for my fraternity's national convention. In both cases, the buildings were quite massive. The conference facilities were really second to none.

[metro]

Asbestos fears ease for Skirvin

By Steve Lackmeyer
The Oklahoman

The cost of removing asbestos from Oklahoma City's Skirvin Hotel -- once considered a potential deal breaker for its chance at reopening -- will be half the expected cost.
Also, city officials and the developer estimate that a closing on the property and start of construction will be delayed through April.

Three contractors on Tuesday submitted bids for the hotel's asbestos removal ranging between $365,996 and $421,410.

Oklahoma City officials budgeted $800,000 for the job, while the engineer, GMR & Associates, estimated the project would cost $1,195,840. That later estimate matched warnings by a contractor that worked on the building in the mid-1990s that asbestos removal would cost more than $1 million.

The hotel, on the National Register of Historic Places, closed in 1988 and has been empty since. The city bought the property three years ago for $2.875 million, and Skirvin Partners was chosen as redeveloper in 2003.

The $46.4 million redevelopment would include restoration of the original exterior finish, installation of historically accurate windows, reconfigured guest rooms and new guest elevators.

Assistant City Manager Cathy O'Connor, who is overseeing negotiations with Skirvin Partners, expects the hotel sale will be completed in April. The closing, originally scheduled for September, and then for this month, has been delayed twice.

"We are re-examining some of our options on financing of the project," O'Connor said. "We expect to present more information on this to the city council next week."

O'Connor said the changes include an opportunity to take advantage of new market federal tax credits made available through legislation authored last fall by Rep. Ernest Istook, R-Warr Acres.

John Weeman, the redevelopment team's lead partner, said Tuesday he expects design work to be 80 percent complete within the next two months. Flintco Construction, a partner in the project, built fencing around the property Friday.

"We're not dealing with anything that would be a deal breaker," Weeman said. "We expect to start construction immediately after closing."

[HOT ROD]

Its about time I-Stook did something constructive for his constituents in Oklahoma City!

[HOT ROD]

Its about time I-Stook did something constructive for his constituents in Oklahoma City!

Must be an election year!!!!!