County approves up to $39.5M in industrial revenue bonds for Albuquerque Marriott Pyramid North renovations

Matthew Narvaiz, Albuquerque Journal, N.M.
·1 min read

Oct. 1—Bernalillo County Commissioners last week approved up to $39.5 million in industrial revenue bonds to Legacy Development & Management for its planned update of the Albuquerque Marriott Pyramid North.

The company last month acquired the 310-room hotel from Atrium Hospitality and said it would invest $22 million in renovations that will span two years.

With the IRBs, Legacy now has the funds to complete the renovations to the property, including to the exterior and interior of the hotel and all guest rooms.

IRBs, in essence, provide certain tax exemptions to reduce costs for companies that plan to expand or move into the state. In lieu of paying taxes, the company will make payments to the county.

The county's Economic Development Department recommended that the IRBs be approved by the commission, which it did unanimously.

In a statement, Commission Chair Barbara Baca said, "We are excited to see how this investment will draw more visitors to our beautiful county."

Legacy didn't disclose how much it paid for the property, located at 5151 San Francisco NE, to the Journal. But in a statement to the Journal last month, Legacy President and CEO Aleem Kassam said, "Our plan is to renovate and modernize the entire hotel while keeping the Pyramid's distinct Southwestern style intact."

Marriott Pyramid North, one of Albuquerque's most recognizable buildings, opened in 1987 as the Holiday Inn Pyramid before rebranding as the Crowne Plaza Pyramid in the 1990s.

The hotel was one of the original businesses in the Journal Center, which at the time of its construction in 1985 and 1986 was only joined by the Albuquerque Journal's production facility.