DoubleTree by Hilton^® Abilene Convention Center Hotel

Garfield developed and is asset manager of this 170,600-sq. ft., 200-room, full-service conference hotel located adjacent to the Abilene Convention Center. The facilities include a 23,000-sq. ft. conference center, an 8-story rooms tower, Smokehouse restaurant and cocktail lounge, and other full-service hotel amenities. The project is designed to meet LEED® Certified criteria.

The financing solution positions the City as the beneficial owner of the facilities. The capital stack includes publicly sold tax-exempt hotel revenue bonds that are non-recourse to City, $17 million in grants from anonymous community philanthropists, proceeds of City-issued Certificates of Obligation (C.O.s), and other City sources.

Net cash flow to the City at the time of financing was estimated to be $71+ million over 27 years, with a residual value of $82+ million. In addition to being the sole recipient of net cash flow and residual value, the City will receive the property’s Hotel Occupancy Tax (HOT) and sales tax revenue, including rebates of the State’s first 10 years of HOT and sales tax.

The Hotel is owned by a Local Government Corporation (LGC) and is operated by Hilton under a qualified management agreement. The City owns the Conference Center, which includes 13 event spaces and an 11,600-sq. ft. ballroom accommodating 1,300+ guests, and leases it to the LGC for seamless operation with the Hotel by Hilton. The facility opened in June 2023.

Facilities Include