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**McKinney to Vote on Incentives for $325M JW Marriott Hotel Project**
A new luxury hotel is on the horizon for McKinney, Texas, as a developer seeks city funding to support a $325 million JW Marriott resort in the Craig Ranch community. Ashford, an asset management firm specializing in the hospitality industry, is part of the development team applying for financial assistance.
The developer, Craig Ranch Luxury Hotel SPE Owner LP, is requesting a $10.25 million loan and a $25 million grant from the McKinney Community Development Corporation (MCDC). If approved, the combined $35.25 million package would cover more than 10% of the project’s total cost.
In addition to the MCDC funds, the McKinney City Council has already approved an economic development agreement that could provide the developer with between $13 million and $18 million in tax reimbursements. These would come from sales taxes, property taxes, and hotel occupancy taxes generated by the new development.
Plans for the JW Marriott Resort at Craig Ranch were unveiled earlier this summer. The hotel will be situated at the northeast corner of Collin McKinney Parkway and Van Tuyl Parkway in Craig Ranch, a master-planned community that includes thousands of homes and the TPC Craig Ranch golf course, known for hosting the annual CJ Cup Byron Nelson PGA Tour event.
Once complete, the resort will include 290 guest rooms, a 51,575-square-foot conference center, a resort-style pool with a lazy river, multiple dining options, pickleball courts, and 45 for-sale condominiums. This location will represent the fifth JW Marriott in Texas, and the second in the Dallas-Fort Worth area, joining existing properties in Dallas, Houston, Austin, and San Antonio.
The MCDC is scheduled to vote on the funding request at its meeting at 8 a.m. on July 24, located at 401 E. Virginia Street.
Stay tuned as McKinney decides the future of this high-profile hospitality development.
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