Mark Robinson, a local developer involved in the project, said the hotel will be built first.
"As quickly as possible, we're planning to start on the hotel," he said.
The hotel is slated to be a Home2 Suites by Hilton. The all-suite concept targets business travelers and extended-stay guests.
The project has not broken ground. Mary Holton, the city's director of community development, said the site is zoned for a hotel.
"The zoning is in place for it," she said. "(Robinson) has been working with our planning staff, but he's not formally submitted the building permit. But we expect it at any time."
The developers own sites on all four corners of the Browning and Wildflower intersection, Robinson said. The project is backed by a group called Farmington Hotel Investors, a limited liability company. The entity was incorporated in October 2012, according to state records.
The 92-suite hotel is slated to open in spring 2015, a Hilton representative said. It will offer amenities such as a business center, a combined fitness center and laundry facility, wireless Internet and complimentary breakfast. The Home2 Suites brand targets travelers staying for five or more nights.
Hilton has, to date, opened only 17 Home2 suites in the U.S. The suites are "mid-tier" priced, the company said.
Bill Duncan, global head of brand management for Home2 Suites by Hilton, said in a prepared statement that Farmington industries fit well with the concept.
"Extended stay hotels like Home2 Suites by Hilton are designed for travelers looking for a home-like environment to accommodate their longer stays, usually five nights or more — consultants, traveling executives, families," he said.
Business leaders often complain that a lack of hotel capacity limits Farmington's ability to host big events. Organizers of the San Juan Basin Energy Conference in March said finding hotel rooms was a challenge.
Audra Winters, CEO of the Farmington Chamber of Commerce, said business travelers tend to fill most of the available rooms.
"During the week, the hotels do book up," she said.
Chuck Slothower can be reached at firstname.lastname@example.org; 505-564-4638. Follow him on Twitter @DTChuck.