The Texas State University System Board of Regents has authorized Texas State University to enter into a development agreement with Midway Hospitality, L.P., to construct a full-service boutique hotel on the TXST San Marcos Campus.
The board approved the development agreement during its quarterly meeting Nov. 20 in Huntsville, including a 75-year ground lease with two possible 10-year extensions for 3.04 acres at 429 and 403 N. Guadalupe Street.
“San Marcos is long overdue for a true, full-service, top-of-the-line hotel and restaurant in the heart of downtown,” said Eric Algoe, executive vice president for operations and chief financial officer at TXST. “We look forward to working with the city to continue to make San Marcos the best place to live, work and study in the country.”
The San Marcos City Council previously approved an economic development incentive package for the proposed hotel in August. The $70 million hotel is projected to include 130 guest rooms, a full-service restaurant and bar along with meeting and event space.
The hotel will be the only full-service facility of its type near downtown San Marcos. It is expected to provide TXST greater flexibility in hosting state and national conferences and events while simultaneously boosting tourism and driving economic growth.
