By a News Reporter-Staff News Editor at Energy Weekly News -- Civitas Alternative Investments ("Civitas"), a creator and provider of investment opportunities focused on targeted risk-adjusted returns, announced that it is developing four Fairfield Inn & Suites by Marriott Hotels in the Eagle Ford Shale area of South Texas.
The four hotels, representing a total of 352 rooms, will be built in the Eagle Ford Shale, the single largest oil and gas development in the world (based on capital invested). In 2013, the Eagle Ford Shale represented over 25% of all oil and gas investment in the Lower 48 states and it is expected that over $100 billion will be spent developing the region over a four year period. In addition, Eagle Ford development activities have generated more than 100,000 jobs in its 20 county geographic area. Crude oil production in the Eagle Ford Shale continues to increase, with June production reaching 1.4 million barrels per day, representing a 34% increase from June of 2013.
The four properties are being developed in Cotulla, Cuero, Pleasanton and Three Rivers, which are among the most active geographic areas for access, lodging and transportation in the Eagle Ford Shale region. The hotels will be developed according to the newest Fairfield prototype model design incorporating a number of additional amenities that are important to local guests, including increased proportions of suites, game rooms, truck parking and expanded food and beverage offerings.
"This is a really exciting development for our Alternative Investments division," said Civitas' Chief Executive Officer Dan Healy. "The scale of the Eagle Ford Shale is remarkable, which makes the investment thesis for these hotels very compelling. The hotels that we're developing will play a role in contributing to this economic growth. I'm looking forward to capitalizing on the substantial long-term growth and development of emerging oil and gas communities in South Texas."
"We believe the ability to bring a Marriott brand such as Fairfield Inn & Suites to these expanding markets and serve the particular needs of the oil and gas community will allow us to be extremely successful with these developments," said Civitas' Managing Director David Perel. "We expect that providing geographic diversification, focused customer service, and institutional level revenue and asset management will distinguish us as the Eagle Ford Shale continues to grow and evolve."
Construction on the first hotel began in May and all hotels will be completed by the third quarter of 2015. Hyphen Construction is the general contractor and 5G Studios is the architect for all of the projects. Pillar Hotels and Resorts will manage the hotels for Civitas.
Keywords for this news article include: Energy, Oil & Gas, Oil And Gas, Civitas Capital Group, Investment and Finance.
Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2014, NewsRx LLC