At their Oct. 27 meeting, Plano City Council members approved a pair of items tied to the new Miyako Hybrid Hotel.
Some context
Construction on the upcoming 215,000-square-foot Japanese luxury hotel near the former JCPenney headquarters began Oct. 15. The hotel, which will be Kintetsu Group Holding’s third in the United States, is projected to open in fall 2027.
The 12-story luxury hotel is expected to feature 217 rooms, a Texas-style rooftop bar and a traditional Japanese restaurant, according to a company news release.
What you need to know
The first agreement, an economic development incentive agreement, establishes an annual tax rebate for the hotel. Beginning Jan. 1, 2028, the city will refund 50% of the property taxes the hotel pays on its building for 10 years, according to city documents.
Council members also approved a hotel occupancy tax grant agreement, which provides the hotel with funding specifically aimed at attracting visitors and convention delegates.
Under the grant agreement, Plano will pay Kintetsu $70,000 for five years, starting Dec. 31, 2028.
The funds, drawn from Plano’s hotel occupancy tax revenues, are designated for advertising, marketing and tourism efforts for the hotel.
Quote of note
Mayor John Muns said at an Oct. 15 groundbreaking ceremony that the hotel symbolizes a friendship and innovation connecting Texas and Japan.
“When I traveled to Osaka to meet the leadership of Kintetsu at their headquarters in 2023, I carried with me Plano’s promise that we will offer our full support, collaboration and goodwill,” Muns said. “We ensured they understood our commitment not only today but for the long term.”
