KB Hotels has successfully completed the first of three upscale hotels in East Waco, with two more set to open by March. The Cambria Hotel, Even Hotel, and Holiday Inn Express are expected to receive rebates from the Tax Increment Financing (TIF) Zone if they meet their completion deadlines.
The 132-room Cambria Hotel welcomed its first guests last week after obtaining a temporary certificate of occupancy. This allows for occupancy while final checks are being conducted.
In addition to TIF funding of $1.34 million and up to $1.72 million in hotel occupancy taxes for the Cambria Hotel, the Even Hotel is eligible for $1.15 million in TIF funding and up to $1.68 million in taxes if it opens by March 1st.
Similarly, should the Holiday Inn Express also open by March 1st as planned, it will receive a rebate of $780,000 from TIF funds and up to $1.46 million in taxes.
This latest development marks an exciting milestone for Waco’s hospitality industry without mentioning any specific organizations or brands involved.
