· Context
Council approves transfer of the Courtyard by Marriott's TIRZ #1 incentive to the hotel's buyer, 4-1
Summit Hotel Properties, owner of the downtown Courtyard by Marriott at 724 S. Polk St., was selling the hotel. The council voted 4-1, with Mayor Cole Stanley voting no, to let Summit NCI JV 177, LLC assign the hotel's 2008 TIRZ #1 incentive agreement to the buyer, 724 S. Polk Street Operating, LLC. Staff reported $808,671.01 paid through September 2025 under the agreement's $1,657,716 cap, leaving up to $849,044.99 over about six more years. Trade press reported that the sale to an affiliate of Amarillo-based KAMP Hotels closed October 20, 2025.[1][2][3][4]
Cole StanleyDavid PrescottLes SimpsonTim ReidDon TippsSummit Hotel PropertiesKAMP Hotels
What the sources say
- ✓ Verified
David Prescott moved and Les Simpson seconded to approve the assignment. It passed 4-1: Tim Reid, Don Tipps, David Prescott and Les Simpson voted aye, and Mayor Cole Stanley voted no. No fetched source records a reason for the mayor's vote.[1]
- ✓ Verified
The memo states that the TIRZ #1 incentive agreement, executed in October 2008, reimburses 90% of the property's annual ad valorem tax revenue for 20 years or until $1,657,716 has been paid. The first payment was made in 2011, for tax year 2010. As of September 2025, 14 years of payments totaled $808,671.01, leaving 6 years or up to $849,044.99. The TIRZ #1 board tabled the item on September 11, 2025, asking that both parties attend, and took it up again on October 9, 2025.[2]
- Cap
- $1,657,716
- Paid through sep 2025
- $808,671
- Remaining max
- $849,045
- Reimbursement
- 90%
- ✓ Verified
The draft assignment in the packet cites a Hotel Purchase Agreement dated June 26, 2025. It says Summit NCI JV 177, LLC had itself received the incentive agreement by an assignment dated January 13, 2022, and that the 20-year term began with the hotel's final certificate of occupancy in November 2011. It projects the final reimbursement in summer 2031, for taxes paid in 2030.[2]