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MK Allen Rendering for Press Release April 2017

New Delta by Marriott Hotel And Watters Creek Convention Center To Open in Allen, Texas in 2018

Posted on April 11, 2017

ALLEN, Texas (March 11th, 2017) – Altera Development Company LLC (“Altera”) has closed and has commenced construction on a new four-star, full-service Delta by Marriot Hotel with an attached convention center to open in Allen in late 2018.

The project will feature 300 guest rooms, 90,000 square feet of flexible convention, ballroom, and meeting space and 1,000 parking spaces, making it one of the largest facilities of its kind in North Texas.  Located steps away from mixed-use center Watters Creek at Montgomery Farm, visitors will enjoy easy access to a variety of high-end shopping and dining options.

Delta by Marriott is Marriott’s newest upscale, full service hotel brand.  The 300 premium guest rooms will feature a fresh, streamlined design.  An upscale restaurant and a destination bar, located adjacent to an outdoor courtyard with swimming pool, are designed to allow guests to meet, entertain, and unwind. The Delta focus on upscale essentials includes a 24 Hour Elite Pantry, a fitness center with cardio, weights, yoga and crossfit, free WiFi, and bottled water available on every floor.

“This convention center is truly a unique asset for north Texas,” said Allen Mayor Stephen Terrell. “The sheer size of the convention space opens the door for significant conferences and propels Allen to a whole new level as a destination city for business and tourism.”  The City of Allen, Allen Economic Development Corporation and Allen Community Development Corporation are jointly investing in the project.

“With new corporate facilities being built by companies like WatchGuard Video and KONE, Allen has become a Class A office market,” said Dan Bowman, Executive Director of the Allen Economic Development Corporation. “The delivery of these high-end meeting facilities and amenities is already attracting more of these corporate tenants, and drove the recent groundbreaking of a five-story, 125,000-square-foot office building and parking garage on a neighboring parcel. The hotel and convention center are being developed largely in response to Allen’s explosive corporate growth.”

“The Allen EDC under Dan Bowman’s leadership provides tremendous resourcefulness and creativity that make projects like ours project a reality,” said Mike Kennedy, Principal at Altera. “The City of Allen Leadership’s highly successful program of value creation was something that our bankers, Bill Schonacher and William Woodring at IBC, immediately recognized.”

Benchmark Hospitality has been chosen to operate and market the facility.  “We are extremely proud to be managing and marketing what will be an ultra-modern Delta Hotel,” said Alex Cabañas, CEO of Benchmark. “This is an exciting, contemporary new brand in the midst of rapid expansion.”

“The new convention center and hotel will provide the City of Allen with the capability to host larger meetings, sporting events, trade shows and conferences, generating revenue and tax dollars that benefit our community,” said Karen Cromwell, Director of the Allen Convention & Visitors Bureau. The Allen Convention & Visitors Bureau, which brings a wide range of events, organizations and visitors to Allen, will relocate to the facility.

Located just north of Dallas off U.S. Highway 75, Allen combines the big city amenities with small-town hospitality. Meeting planners will find sophisticated conference services and spectacular climate that allows for year-round recreational opportunities, including the exceptional Golf Courses at Watters Creek. Entertainment venues, outlet shopping and great dining draw both business and leisure travelers.  Allen is located within 30 miles of Dallas Fort Worth International and Dallas Love Field, with McKinney National Airport eight miles to the North.

About Altera Development Company LLC

Founded in 2002, Altera creates high value real estate solutions for its investors and partners. Altera acquires, develops and manages properties in select markets across the United States, with integrity and value as guiding principles. Altera’s integrated project management and development teams provides the capability to deliver hospitality, corporate office, industrial and retail developments. www.alteradevco.com

About Allen Economic Development Corporation

The Allen Economic Development Corporation (AEDC) is funded through a citywide half-cent sales tax and charged with facilitating company relocations and assisting the expansion of existing businesses, which creates jobs and generates additional tax revenue to the community. Today, Allen’s total ad valorem tax base exceeds $8.5 billion. Recently, the AEDC was instrumental in recruiting KONE Elevators, Monkey Sports and CVE Technology to locate offices in Allen. http://www.allentx.com/

About Allen Convention and Visitors Bureau

The Allen Convention & Visitors Bureau (ACVB) is tasked with marketing Allen as a destination for conventions, events and tourism. ACVB has been instrumental in bringing meetings and events to Allen. Due in part to their efforts, spending on travel in Allen has increased from $40 million in 2002 to $151 million in 2013. http://www.visitAllenTexas.com

About Allen Community Development Corporation

The Allen Community Development Corporation (ACDC) is funded through a citywide half-cent sales tax and is charged with overseeing the funding for land, buildings, equipment and improvements which are suitable for professional and amateur athletics, entertainment and tourism, parks and public spaces, transportation and other projects which promote new or expanded business enterprises.

About Marriott International

Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda, Maryland, USA, with more than 4,400 properties in 87 countries and territories.  Marriott International reported revenues of more than $14 billion in fiscal year 2015. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands. For more information or reservations, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com.

About BENCHMARK®, a global hospitality company.

BENCHMARK®, a global hospitality company, is a trailblazer in the development, management, marketing and owner-advisory services of resorts, hotels, conference centers and exclusive private clubs. BENCHMARK’S distinguished and proven reputation is deeply-rooted in core values that are focused and aligned with exceeding ownership and stakeholder performance expectations. The combined portfolios feature nearly 70 unique and distinctive properties domestically and internationally, with a passionate commitment to delivering the industry’s most authentic, enchanted, soulful, vibrant, unrivaled and memory-making experiences.  BENCHMARK, a global hospitality company, is based in The Woodlands (Houston), Texas, with regional offices in Park City, Utah; Miami, Florida; New Brunswick, New Jersey; Seattle Washington; and Tokyo, Japan.

www.benchmarkglobalhospitality.com

About IBC Bank

IBC Bank and Commerce Bank are members of International Bancshares Corporation (NASDAQ: IBOC), an $11.8 billion multi-bank financial holding company headquartered in Laredo, Texas celebrating 50 years in banking since its founding in 1966. International Bancshares Corporation consists of 194 facilities and 307 ATMs serving 87 communities in Texas and Oklahoma. In 2017, International Bancshares Corporation was ranked 46th on Forbes’ prestigious list of 100 Best Banks in America. IBC Bank’s commitment to “Do More” reflects the bank’s dedication to the growth and success of both the customers and the communities it serves.  www.ibc.com