Spokeswoman Natasha Gullett tells GlobeSt.com "the projected cost to develop a new hotel, designed on this prototype, is predicted to range between $63,000 and $71,000 per room, excluding land." That would place the project's hard construction cost at about $10 million.
The hotel is expected to open in fall 2003, making it the first of 25 corporate-owned Holiday Inn hotels the company will build over the next five years.
According to a printed statement, 70% of the hotel is dedicated to revenue-generation. It will have an indoor pool and a 1,900-sf bistro and lounge instead of a full-service restaurant.
In the statement, John Merkin, director of hotel innovations, says "many full-service development opportunities were being missed because we didn't have a smaller, more cost-efficient alternative to the traditional, larger, meetings-driven Holiday Inn hotels."
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