Tulsa-based Promise Hotels and Ross Group announce the first of three new hotels in downtown Tulsa.
A 125-room Hampton Inn & Suites is going up at Third Street and Cheyenne Avenue, right across from the BOK Center. Promise Hotels CEO Pete Patel said downtown has come a long way, and he can't imagine building this hotel 10 years ago.
"We have living, we have dining, we have shopping in downtown today," Patel said. "The biggest thing about our revitalization of downtown is our young people are coming back and staying in Tulsa."
Businesses have taken note of Tulsa's lack of hotel rooms downtown. Ray Hoyt with Visit Tulsa said the city lost out on about $6 million last year.
"And in the last three years, it's been about $21 million in economic impact because our downtown hotel program isn't robust enough," Hoyt said.
The hotel is another step in downtown's revitalization. Tulsa Regional Chamber President Mike Neal said property values within the Inner Dispersal Loop have been growing about 8.7 percent a year recently.
"Adding hotels like this one is going to continue to increase those property values," Neal said. "It's going to continue to stimulate the other investments, with restaurants and other things to come."
The nine-story hotel should be completed by the end of next year. It will connect to the mixed-use One Place development.
The Hampton Inn is one of three new downtown hotels planned by Promise Hotels. The others are a Hilton Garden Inn next to the Hampton Inn and a Holiday Inn Express near ONEOK Field.