Kintetsu Group’s Miyako Hotel to Build Plano Hotel Near Toyota

A Japanese developer is set to start construction this fall on the Miyako Hotel, teeing it up to be a corporate traveler destination in Plano.

The Kintetsu Group’s planned 217-key hotel is estimated to cost $117 million, the Dallas Business Journal reported. That’s about $539,000 per key. It will offer nightly rates of about $350.

The firm projects to create about 130 jobs, and the hotel will fold into the Miyako Hotels & Resorts brand. Kintetsu is a Japanese conglomerate that also owns railways and department stores.

The hotel will be strategically located near Toyota’s North America headquarters. It’s also near the site of an old JCPenney corporate campus, which Capital Commercial Investments and Streetlights Residential are redeveloping with office buildings, apartments, townhomes, a hotel and restaurants, dubbed The Park at Legacy. Legacy Town Center is another office complex near the hotel, and proximity to major corporate offices, not just Toyota, was the main reason for the location choice.

The development plans also include a Japanese bakery, restaurant, rooftop bar and meeting spaces.

Miyako Hotels has two other locations in the United States, in Southern California, and about 20 locations in Japan.

Toyota’s 2014 move to Plano has drawn more than 40 Japanese companies to town, said Doug McDonald, director of economic development for the city of Plano. Toyota also contributed $15 million to the city to help fund the planned 5-acre Mendomi Park that will be near the hotel.

“I think we knew about eight to 10 years ago that the Toyota effect was something real,” McDonald said.

Kintetsu bought the land in 2019 after talks with Toyota. It is the company’s first expansion into Texas, however, McDonald said their railway division is familiar with North Texas, having designed the DART trains in Dallas. — Eric Weilbacher