On September 27, 2023, Bernalillo County commissioners approved an industrial revenue bonds (IRBs) request of up to $39.5 million for Albuquerque Marriott Pyramid North. This financial support will aid Legacy Development & Management (LDM-MP, LLC) in acquiring as well as renovating the hotel according to a press release. Bernalillo County announced, "The IRBs were approved in a unanimous vote."
Industrial Revenue Bonds (IRBs) present an opportunity for facilitating business growth or relocation in New Mexico through tax exemptions. As part of this arrangement, companies are required to adhere to a payment in lieu of taxes (PILOT) system, which addresses specific conditions, including the allocation of a portion of abated taxes to support local school districts and the county. The Albuquerque Marriott Pyramid North, located at 5151 San Francisco NE within the Journal Center, is poised for a renovation effort that spans all 310 guest rooms, public areas, and exterior enhancements. This project is not only set to enhance the hotel's facilities but is expected to create 24 new employment opportunities, while also preserving 80 existing positions, as outlined in a recent press release.
"Along with convenient access to a variety of destinations, visitors and conferences gravitate towards branded hotels," says Commission Chair, Barbara Baca, according to a press release. "We are excited to see how this investment will draw more visitors to our beautiful county."
Legacy Development & Management, established in 1978 with the acquisition of the historic Sundowner Motel in Albuquerque, New Mexico, has evolved into a versatile enterprise with investments spanning hotels, apartments, offices, and retail spaces. Their primary focus is on the hospitality sector, where they have emerged as a significant player, maintaining affiliations with esteemed brands such as Hilton, Marriott, Hyatt, and IHG. Operating across multiple states and countries, Legacy Development & Management is actively expanding into new locations according to the Legacy Development & Management website.