Members of the Bonham Economic Development Corporation unanimously approved an agreement to bring a flagship hotel to historic downtown Bonham this year as well as a second extended-stay hotel in the same area within three years.
Construction for a 70-room Holiday Inn Express Suites Hotel, located southeast of the junction of State Highway 121 and Hwy. 56, is expected to begin this spring. Developed by Plainview, Texas resident R. K. Reddy, preliminary construction cost is estimated to be $5.5 million.
The agreement also calls for Mr. Reddy to build a 50-room extended-stay hotel within the next three years at a cost of $2.9 million. The extended-stay hotel will be located slightly east of the Holiday Inn Express Suites Hotel.
BEDCo negotiated an agreement that calls for Reddy to be given four acres currently owned by the city in order to develop the two hotels, as well as up to $172,250 to help construct access to the site. The agreement allows the City of Bonham to retain two prime locations for businesses near the hotels.
In other business, Bob Self was elected as the new vice president of BEDCo to fill the position previously held by Wayne Moore and John Burnett was added as an additional check signer.