The Calgary Stampede and local developer Truman are partnering on a $330-million convention-oriented hotel project.

If all goes according to plan, the development will become the first hotel on the historic Stampede Grounds, located just off downtown. Construction is slated to begin later this year.

Truman has agreed to purchase an 85,000-square-foot land parcel from the the city-owned Calgary Municipal Land Corporation (CMLC) for an undisclosed price. The future hotel is slated to include approximately 320 rooms, 15,000 sf of meeting and ballroom space and 14,000 sf of food and beverage offerings, including restaurants, a lobby bar, coffee shop and rooftop lounge. Other planned features include a south-facing leisure terrace with an activity pool, jacuzzi and an outdoor bar; and an indoor swimming pool and fitness club.

“This hotel agreement and land sale/purchase represents a substantial private investment in Stampede Park, and demonstrates a significant confidence in the emerging culture and entertainment district,” Kate Thompson, CMLC’s president and CEO, told reporters.

Joel Cowley, the Stampede’s CEO, told reporters that Truman will purchase and own the land and build the hotel. Truman is seeking to partner with a global hotel chain. Cowley told reporters that the Stampede acquired the parcel, located in the Weadickville area on the Stampede grounds, as part of a land swap with the city. In return, the city acquired land that will be part of a new arena site. The arena, home of the National Hockey League’s Calgary Flames, will replace the Saddledome, which is slated for demolition.

Pictured: Proposed future hotel on the Calgary Stampede grounds.

Rendering: CMLC