When rodeo cowboys get bucked, they dust themselves off and get ready for the next ride.
City officials and developers should do the same with plans for a full-service hotel near the Will Rogers Memorial Center.
Financing didn’t work out for a proposed six-story, $52 million Westin hotel on University Drive between Morton and Bledsoe streets east of the Modern Art Museum.
The city’s offer was generous: Taxpayers would take over the property and lease it to the hotel for $100 a year, in exchange for room blocks for events at the new 14,000-seat arena to be finished in 2019. The city also would have returned up to $7.8 million in taxes over 10 years.
New Orleans-based HRI Properties, which worked more than a few miracles to renovate and reopen the once-dilapidated Blackstone Hotel downtown as a Courtyard by Marriott, couldn’t make this deal work.
That should not reflect in any way on the business prospects for a full-service Cultural District hotel.
Business-class hotels near the Fort Worth Zoo are thriving, and developers have considered another hotel near the museums for years, perhaps on University Drive or near Van Cliburn Way.
Consider this failed deal a practice run.