NYLO Breaks Ground on New Loft-Style Hotel

PLANO, TX-Atlanta-based NYLO Hotels has broken ground on its first lifestyle hotel, a 176-room property within the 2,665-acre Legacy master-planned community, 18 miles north of Downtown Dallas. NYLO’s partner is Merrill Lynch Capital which is providing undisclosed construction debt financing for the project.

The developer didn’t disclose the development cost or the hard construction cost in a prepared statement. However, area construction sources familiar with comparable projects elsewhere tell GlobeSt.com the Plano project couldn’t be built for less than $200,000 per room or a total estimated cost of $35.2 million. The hotel is expected to open in late 2007.

“The success of a new hotel brand hinges on finding a financial partner that shares your vision and understands your model,” says NYLO Hotels CEO John Russell. Merrill Lynch Capital is also providing funds for the second-quarter 2007 ground-breaking of a similar loft-style NYLO hotel in Warwick, TX.