Plans for a Westin-branded hotel across the street from the Modern Art Museum on University Drive are on hold after costs rose on the project.
New Orleans-based HRI Properties, working with the property’s owners, had planned to develop a $52-million, six-story, 250-room hotel on the site of the Dos Gringos Restaurant.
But HRI Properties told city officials they have run into financial issues funding the project.
The Fort Worth City Council in August approved a 10-year economic development agreement that would have returned up to $7.8 million in city hotel taxes to the developer. That agreement has been cancelled, according to city officials.
The hotel was to be located on University Drive between Morton and Bledsoe streets and serve as the main hotel for the 14,000-seat multipurpose arena set for Will Rogers Memorial Center.
The hotel was to include a full-service restaurant, three-story parking garage and 15,000 square feet of meeting space.- This story contains material from the FWB archives.