City to Rent Land for New Cobblestone Hotel & Suites

Published 04/06 2014 01:57PM

Updated 04/06 2014 02:03PM

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LUBBOCK, TX -- If approved on Thursday, Lubbock will make a deal to bring Cobblestone Hotels and Suites to a location near the airport. The proposal is for Cobblestone to lease 2.54 acres owned by the Lubbock Preston Smith International Airport for at least 30 years and maybe 40. The location is along the northbound access road of Interstate 27 near the Silent Wings Museum.

Cobblestone would not owe any rent in the first year. In years 2 through 10, it would pay $25,000 per year. In years 11 through 20 it would pay $30,000 per year. In years 21 through 30 it would pay $35,000. And if the lease is extended to 40 years then Cobblestone would pay $40,000 per year.

Public records associated with Thursday’s City Council agenda said, “The three-story facility would include an 80-90 room hotel, a workout room and a couple of meeting rooms which would accommodate 50-60 people.”

Those same records also said, “Groundbreaking will be planned for late June with completion in Spring 2015. The agreement also allows first right of refusal for the surrounding area for commercial development.”

The city has set aside four lots near the Silent Wings Museum to rent out for commercial development.

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