Skirvin closing complete; landmark hotel now in hands of new owners
(January 9, 2006) – The City has finished the complex three-month closing process on the sale of the Skirvin Hilton Hotel to Dallas-based Skirvin Partners, with plans to reopen the long-shuttered hotel late this year or in early 2007.
Renovation has been underway inside the hotel since summer.
The City has committed $18 million to the $51.3 million Skirvin Hilton project, with $33.3 million coming from private investment.
The City’s share of the funding came from the following sources:
- TIF Bonds $10.4 million
- Brownfield Loan $700,000
- EDI Grant $1 million
- Section 108 Loan $4.81 million
- OCURA Closeout Funds $653,000
- Sale Proceeds $431,000
The City expects to recover its investment through ground lease and loan payments.
The hotel has been closed since 1988. It went through a series of owners who were unable to reopen it and its future appeared uncertain until the City bought the building on July 9, 2002, using $2.87 million in Community Development Block Grant funds.
City leaders worked with the Urban Renewal Authority to select a developer with a vision for restoring the hotel’s grandeur and elegance. They chose the Skirvin Partners group from Dallas from among three finalists in 2003, then developed the innovative, comprehensive and visionary financing plan that will bring the Skirvin back to life as the Skirvin Hilton Hotel.
With most of the sophisticated and unprecedented financing package complete, the City allowed contractors to enter the hotel last summer to begin preparations for its renovation.
Marcus Hotels and Resorts, a Wisconsin-based company with several historic hotels already in its portfolio, will manage the new 235-room Skirvin Hilton Hotel on behalf of the Skirvin Partners.
The Skirvin Hotel was built by oilman William Skirvin and designed by Solomon A. Layton, architect of the State Capitol.
It first opened its doors to guests on September 26, 1911. It was the City’s premiere hotel for decades, hosting presidents and entertainers.
