4 days ago
Deal struck for new hotel with approximately 320 rooms at Calgary's Stampede Park
A new hotel with approximately 320 rooms is set to be built at Calgary's Stampede Park, the Calgary Municipal Land Corporation (CMLC) announced Monday.
The city-owned CMLC the and Calgary Stampede say they've struck a partnership with local developer Truman to build the first full-service convention hotel in downtown Calgary in a quarter-century.
Kate Thompson, president and CEO of CMLC, said the hotel development has been a "key priority" for years and will help meet growing demand for accommodations near the expanded BMO Centre and the city's evolving culture and entertainment district.
"This hotel agreement and land sale/purchase represents a substantial private investment in Stampede Park, and demonstrates a significant confidence in the emerging culture and entertainment district," Thompson told reporters on Monday.
The hotel, which has a development value of approximately $330 million, including the value of the land, is to be built on an 85,000-square-foot parcel near the expanded BMO Centre.
Joel Cowley, CEO of the Calgary Stampede, told reporters that the Weadickville property, where the hotel will be built, is about 1.8 acres in size and was obtained by the Stampede through a trade with the City of Calgary as part of the deal to build a new arena and event centre that will replace the Saddledome.
After receiving the city's approval, the Stampede was able to sell the land, Cowley said.
"Truman will purchase the land, develop, own, and operate the hotel," he said.
The plans include 15,000-square-feet of ballroom and meeting space, a rooftop lounge with city views, restaurants, a coffee shop, and wellness amenities such as an indoor pool, jacuzzi, and fitness club.
Officials said Truman is working with an international hotel brand to operate the property, with details expected to be announced in the coming months.
Tony Trutina, chief operating officer of Truman, said the company believes the new hotel will be built in an "exceptional location."
"[It will allow] guests to just stay steps away from the action of the culture and entertainment district — whether it's a convention, meeting or event held in the BMO Centre, a hockey game in Scotia Place, a concert in The Big Four Roadhouse, or the Calgary Stampede's annual celebration of western heritage and community spirit each July," Trutina said in a written statement.
Construction is expected to begin in late 2025, and the hotel is scheduled to open in 2028.
