A new hotel development on property owned by the University of Saskatchewan (U of S) is expected to boost revenue at the post-secondary institution.
Officials from the U of S and P.R. Hotels Ltd. unveiled plans for “two hotels under one roof” that will include a total of 220 rooms, including ones for short-term and long-term stays.
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Work is underway at the site of the future nine-story Holiday Inn Express and Staybridge Suites situated on university property.
“It’s a unique project where we’re now partnering with the university. They wanted to make sure it was right,” said Jeff Krivoshen, chief operating officer of P.R. Hotels.
P.R. Hotels paid an undisclosed upfront fee to the university to develop the land. The company will pay for capital and operating costs.
The university is providing a long-term lease, though Krivoshen said terms of the lease aren’t being made public.
The hotel development will be similar to Preston Crossing, which also sits on leased university property.
“I’d remind people that with Preston Crossing, any of the revenue that accrues from that goes directly to student support and scholarships, so it’s always that kind of thing that we’re going to be looking for,” said U of S president Peter Stoicheff.
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The university will concentrate on further development between Cumberland and Preston Avenues, south of Campus Drive and north of 14th Street.
“We are thinking ahead, about what all of that should look like,” Stoicheff said, referencing a broader vision for the use of all of the university’s land.
The hotel complex is scheduled to open by April 2018.
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