The Pilot Point Economic Development Corporation recently contacted Source Strategies to look into the feasibility of building a limited service Pilot Point hotel. Source Strategies, Inc. authors more than 100 financial feasibility studies for hotels every year with banks and developers relying on them to assess the value of a potential project.
A site along U.S. 377 in Pilot Point is expected to be used for this project, providing good access to area highways and amenities along with good visibility. The Pilot Point EDC may even be able to provide some tax incentives for the project.
Pilot Point is the oldest settlement in Denton County and is only minutes from the county seat of Denton. It is a Texas Main Street City and the commercial district is listed on the National Register of Historic Places. The area is home to over 25,000 horses and 300 ranches, many of which can be visited through the North Texas Horse Country Tour.
The area has numerous recreational activities available at the 30,000 acre Ray Roberts Lake State Park, the 1400-acre Isle du Bois State Park, and the Ray Roberts Greenbelt, a 20-mile multi-use trail system from Lake Ray Roberts to Lake Lewisville. The area is also home to the University of North Texas, Texas Woman’s University and several of the nation’s top colleges and universities are located nearby.
Source Strategies President Todd Walker authored the study and notes that “This market is ripe for a quality limited service hotel. Economic factors are positive for this area and a well-run hotel will thrive due to the nearby recreational activities, academic institutions and businesses.”
With any feasibility study, Source Strategies looks at a variety of factors about the specific project, the wider surrounding market and overall market conditions. The area, in the Dallas-Fort Worth-Arlington metro, is poised for growth in the coming years. Pilot Point is a quick recreation get-away for potentially millions of people.
Take a look at the entire Pilot Point Hotel Feasibility Study to see for yourself. Contact Source Strategies if you are interested in this opportunity and we can advise you how to proceed.