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St. Louis-based hotel developer Midas Hospitality is teaming up with a real estate development company for a project that will include a $22 million hotel in Richardson, Texas.

Midas and 3D Development, which has offices in Georgia, Tennessee and Texas, are planning a mixed-use project on 5.2 acres in Richardson with an Element by Westin hotel that is scheduled to open next summer. This is Midas’ second Element hotel; the first opened in Midtown St. Louis earlier this year.

Officials said the Texas hotel will feature 123 suites, a fitness center, pool and a bike-sharing system. The hotel will be located at 2205 North Glenville Ave. in Richardson, which is home to several major corporate offices such as Blue Cross Blue Shield of Texas, State Farm and Texas Instruments. Officials said the development also includes a 25,000-square-foot parcel that will be developed as a fast-casual restaurant at a later date.

MW Builders, with locations in Texas and Kansas, is serving as the general contractor. Midas also will manage the hotel.

“During the past year, we have worked side by side on this project with 3D Development,” said Midas Hospitality’s co-founder and Managing Partner J.T. Norville. “It is exciting that our plans are now becoming a reality, and we look forward to introducing the innovative Element concept to the area.”

Despite the Covid-19 pandemic’s hit to the hotel and hospitality industry, Midas continues to grow and the Texas hotel is the latest example. In early December, it opened a $20 million SpringHill Suites in Overland Park, Kansas.

Midas is one of the fastest-growing companies in the St. Louis region, boosting revenue more than 90% since 2017. It finished 2019 with revenue of $151.11 million.

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