TYLER, Texas — A major new development is set to reshape downtown Tyler after city leaders entered an agreement for a multimillion-dollar project on Wednesday.

During their weekly meeting, the Tyler City Council gave the green light to a $47.7 million hotel from Valencia Hotel Group, marking the company’s first location in East Texas. The city approved the economic development agreement based on a performance review that would provide up to $12 million.

Plans call for a 140-room hotel with nearly 90,000 sq. ft. of space, including a 5,700-square-foot meeting area. Construction is expected to take no longer than 42 months.

"It's gonna be exciting for everyone that comes here," Tyler Mayor Don Warren said. "This is going to be a great place to stay."

The hotel, called the new Blackstone

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