A local investment firm plans to build a Starwood Hotels-branded property near the Las Vegas Motor Speedway.
CAI Investments said Wednesday that it inked a deal to develop the $18 million, 125-room hotel on Speedway Boulevard just south of Interstate 15. Construction is scheduled to start in July and last about a year.
CAI managing partner Christopher Beavor said the company chose the 2.5-acre site for its proximity to I-15, the North Las Vegas VA Medical Center and a growing number of manufacturing plants.
CAI has a 20-year agreement with Starwood. Crescent Hotel Management will oversee the finished property, which will have a pool and restaurant.
The hotel will create 50 construction jobs and 29 permanent positions, Beavor said.
CAI plans to announce another local project — a hotel-condominium development — in the next six months. It has developed or invested in projects in Nevada, Florida, Arizona, California and Croatia.