In April 2017, Buda commissioned CBRE, Inc. to create an economic impact analysis study for a potential Buda Hotel and Conference Center, which Economic Development Committee Director Ann Miller presented to the City Council at a Sept. 5 meeting.
The study concluded that a feasible hotel in Buda would have 120 rooms guest rooms with select services and about 22,000 square feet of meeting space.
The hotel would cost an estimated $18 million to build and would create nearly 200 jobs during the building process.
Over a 10-year period, CBRE estimated that the hotel would bring in $3.4 million in hotel occupancy tax revenue, $2.5 million in potential sales tax revenue and $2.3 million in property tax revenue.
Miller said it would be up to city government to decide if and when a Buda Hotel and Conference Center would be built.
“Any potential project is purely hypothetical at this point,” Miller said. “This study was conducted to determine whether or not a convention center project would be feasible and ultimately it is up to city leadership and the potential interest from developers to determine what if anything is done with this information.”
Miller said that there has been a few interested developers who have brought the idea to Buda, and the next step would to find a developer to agree to development contract with the city.
If the hotel did come to fruition, Miller said the development plans, budget funds and location would be ready in mid-to-late 2018 and construction would start in 2019.
This is the ideal location CBRE has decided for the hypothetical Buda Hotel and Conference Center[/caption]