CIRI Land Development Co. (CLDC) recently completed site preparation for

CIRI Land Development Co. (CLDC) recently completed site preparation for a 126-room Hyatt Place hotel at its Sonterra office and hotel project in San Antonio, Texas. Hyatt Place is a Hyatt Corp. franchise chain designed for business travelers. The hotel is the first phase of CLDC’s Sonterra development, which is expected to include three office buildings, a second hotel, parking garages and a restaurant in future phases. CLDC is a wholly owned subsidiary of CIRI.

CLDC will transfer ownership of the site pad in late December to Sonterra Hotel Investors LLC, which will develop the hotel. Sonterra Hotel Investors is a 50-50 partnership between CIRI and Dewey F.Weaver Jr., a well-established hotel developer. Negotiations on the franchise agreement with Global Hyatt Corp have been completed, and hotel construction should begin in early 2009. InterMountain Management LLC, a hotel development and management company with more than 60 properties in its portfolio, will operate the hotel.

Hyatt Place hotels feature oversized sofa-sleepers, free continental breakfast, complimentary high-speed Wi-Fi Internet access, 24-hour fitness centers and 42-inch high definition flat-panel televisions.

The Sonterra project is located on a 21.5-acre parcel of land in north San Antonio next to U.S. Highway 281, a major highway artery into and out of the city. CIRI acquired the former federal surplus land as a result of the Cook Inlet Land Exchange.