EL PASO (KTSM) — The county will give a tax break to the investment group planning to renovate the former Artisan Hotel in Downtown El Paso.
For the next 10 years, the investment group, Summit 11 will not be required to pay the county property taxes, which will equal more than $550,000. It will however still pay the sales tax and hotel occupancy tax.
The hotel closed in 2010.
Summit 11 will pay $11 million to renovate the building. It will open as a Marriott, Starwood, IHG or Hilton. Work is expected to be complete in 12 to 15 months.
El Paso City Council agreed to similar terms earlier this year.