You may have heard prior, UNR is planning a hotel as part of the UNR Mathewson Gateway Project, which also includes the newly completed John Tulloch College of Business building.
At the upcoming Sept 3 Board of Regents Finance, Building, and Facilities Committee, University of Nevada, Reno President Brian Sandoval will present an update on the proposed Mathewson Gateway District Hotel, including proposed project participants, project structure, financing structure, security and recourse provisions, schedule, and the path to Board of Regents approval at the December 2026 meeting.
Included in the staff report are tons of details on the project.
The Hotel
The hotel will be financed to the tune of $78,.3 million, with approximately $65.5 million directed to development and construction costs, with the remainder to be added to debt services, capitalized interest, ramp-up reserves and cost of issuance.
The hotel will be a 134-key/room, six-story Marriott Tribute Portfolio hotel with 2,940 square feet of meeting space, a rooftop bar, a lobby lounge, fitness center, gift shop, and a café on a 32,889-square-foot (0.76- acre) site within the Mathewson Gateway District. Construction completion is estimated for December 2028, ahead of the Spring semester of the 2028-29 academic year, and the Hotel is expected to open on January 1, 2029.
The Team/Structure
The Board of Regents of the Nevada System of Higher Education, on behalf of the University of Nevada, Reno, will be the Ground Lessor. A new 501(c)(3) special purpose entity will be formed as the Owner/Borrower. Tolles Development Company, LLC (through TDC Gateway Hotel LLC) will be the Developer. MIF, L.L.C., a subsidiary of Marriott International, Inc., will be the Franchisor for the Marriott Tribute Portfolio brand. The National Finance Authority will issue the bonds as it did for the College of Business and Fieldhouse projects in 2023 and 2025. MIF, L.L.C. will also serve as the Hotel Manager under a Hotel Management Agreement. White Label Asset Management will serve as Asset Manager and The Hardy Group will serve as Construction Manager. The Trustee remains to be determined. The University of Nevada, Reno Foundation will participate in the 2026 Financing as a Third Lien lender and will provide a letter of credit of approximately $5.0 million to initially fund the Series 2026 A debt service reserve fund and the ramp-up reserve.
Why is UNR building a hotel?
According to the staff report, the reason: 'As the only full-service hotel developed in the market in decades, the Hotel will fill a void between the market’s casino hotels and select service/extended stay lodging products. The Hotel will offer a fresh, modern product in an irreplaceable location adjacent to UNR’s campus and business school with immediate access off I-80 and within walking distance of downtown Reno.
According to the staff report, benefits to the 'UNR Community' include support of conferences, academic events and sponsored research activities, enhances student recruitment by accommodating prospective students and families during campus visits, and expands lodging capacity of commencement events.
It cites the community impact as creating a more active well-lit corridor between the campus and city center, and advances Reno's vision of a stronger 'college town' by connecting University activity with downtown Reno.