CAI Investments, a Las Vegas company, has executed a term sheet to develop an $18 million, 125-room Starwood Hotels-branded limited-service hotel near Las Vegas Motor Speedway.
Construction of the hotel at Speedway Boulevard and South of Interstate 15 is slated to start in July 2016 and last 12 to 14 months.
Christopher Beavor, managing partner of CAI, said the company chose the 2.5-acre site near the Speedway for its nearness to Interstate 15, the Veterans Affairs Hospital and newly released manufacturing sites. The deal includes a 20-year deal with Starwood. Crescent Hotel Management will manage the finished property, which will include a restaurant and an outdoor pool.
Beavor said CAI has been negotiating the deal with Starwood for 18 months. The project will create 59 construction jobs and 29 permanent jobs. CAI is aggressively looking to build hotels throughout the Southwest. The company said it expects to announce another Las Vegas hotel-condominium project within six months.
CAI Investments finances, develops and manages properties across key markets in the United States.