January 8, 2010

A Marriott hotel could be coming to the downtown WaterWalk development.

WaterWalk has entered into a tentative agreement with Wichita hotel developer Jim Korroch and his Four-G LLC for a 130-room Marriott Fairfield Inn and Suites Hotel that would be built next to the WaterWalk Place building.

The deal would include up to a $2.5 million cash contribution to Four-G by the city for construction costs of the hotel. The city also would issue up to $12 million in industrial revenue bonds, which would provide a sales tax exemption on construction costs, furnishings and equipment. The exemption would be worth an estimated $328,945.

The city’s involvement would be pending a market study to determine the impact of a new hotel on the neighboring Hyatt Regency, which is owned by the city. The city could rescind its involvement if the study shows the new hotel adversely impacting the Hyatt.

PKF Consulting, which has offices in Atlanta, will conduct the study.

The Wichita City Council will vote Tuesday on a letter of intent regarding its involvement in the project.

The hotel would be a boon to the public-private WaterWalk development, which was started in 2002 to create a retail, office and residential district in downtown Wichita. Wichita businessman Jack DeBoer recently took over the project from his partners and has revamped its marketing effort.