Civitas Alternative Investments, focused on strategies in real estate, tax credits and other alternative asset classes, is developing four Fairfield Inn & Suites by Marriott hotels in the Eagle Ford Shale area of South Texas. The four hotels will have a total of 352 rooms.
The Eagle Ford Shale is reportedly the single largest oil and gas development in the world. In 2013, it represented over 25 percent of all oil and gas investment in the lower 48 states and it is expected that over $100 billion will be spent developing the region over a four year period, according to Civitas.
The four properties are being developed in Cotulla, Cuero, Pleasanton and Three Rivers and will be developed according to the newest Fairfield prototype model design incorporating a number of additional amenities.
"This is a really exciting development for our Alternative Investments division," said Civitas' CEO Dan Healy. "The scale of the Eagle Ford Shale is remarkable, which makes the investment thesis for these hotels very compelling. The hotels that we're developing will play a role in contributing to this economic growth. I'm looking forward to capitalizing on the substantial long-term growth and development of emerging oil and gas communities in South Texas."
"We believe the ability to bring a Marriott brand such as Fairfield Inn & Suites to these expanding markets and serve the particular needs of the oil and gas community will allow us to be extremely successful with these developments," said Civitas' Managing Director David Perel. "We expect that providing geographic diversification, focused customer service, and institutional level revenue and asset management will distinguish us as the Eagle Ford Shale continues to grow and evolve."
Construction on the first hotel began in May and all hotels will be completed by the third quarter of 2015. Hyphen Construction is the general contractor and 5G Studios is the architect for all of the projects. Pillar Hotels and Resorts will manage the hotels for Civitas.