The president of JW Marriott thinks it’s an ideal time to invest in Edmonton.
That’s why the company plans to build a 356-room luxury hotel in the city’s downtown Ice District.
Though oil prices hover around $30 a barrel, JW Marriott president Arnie Sorenson said he doesn’t see that as an impediment to opening a new hotel in downtown Edmonton.
“A hotel is a long-term investment, obviously,” said Sorenson, who noted the cyclical nature of an oil-based economy.
“In many respects, for those who have got boldness and vision, this is probably exactly the time to act.”
The hotel is expected to open in 2018. Plans call for more than 25,000 square feet of meeting and conference space, and one of the city’s largest ballrooms, at over 10,000 square feet.
“This hotel will be a vibrant and successful place 30 years from now, and 40 years from now,” Sorenson said. “And when you think about it in the context of that, I don’t think it looks like a risky bet whatsoever.”