Elko's healthy economy relative to the rest of the state is one of the main reasons that Sushil Patel plans to develop a new hotel concept under the Hilton flag for the Elko area.
The proposed 80- to 88-room Home2 Suites will sit on a six-acre parcel at Ruby Vista Drive and will be a 50-50 joint venture with Tanamera Commercial Development LLC of Reno. The hotel, slated for construction in late 2010, will occupy two acres, with possibly another hotel, a restaurant and retail space on the other four acres.
"That city has a pretty stable economy from mining, and the bottom line is that they don't have any extended-stay product," says Patel, owner of the Staybridge Suites and Hampton Inn in South Meadows. "It is a really unique concept. A lot of folks I've talked to are really excited to see this type of product coming
out there."
The hotel component is expected to cost $9 million, and Patel will seek financing for the project in the third or fourth quarters of 2009.
"Hopefully the credit markets will improve by then," he says.
The Home2 Suites concept rolled out by Hilton in January features studio suites with kitchens, dishwashers, full-size refrigerators and flatscreen TVs, set in a contemporary design, says Patel, adding that the Elko property was the first franchise signed to the new Hilton flag but it may not be the first built.
"They have about 30 applications, all in pre-design, he says. "They plan on having more than 100 approved by end of 2010, with a small handful built."
Tanamera Commercial Development will handle additional development at the site. Patel expect the hotel to be open by 2011.
