U.S. Bank and The Howard Hughes Corp. closed on a $95 million loan to finance the expansion and redevelopment of The Woodlands Resort & Conference Center, a 440-room luxury resort with 60,000 sq. ft. of meeting and event space in Houston.
The project will include the construction of 184 new guestrooms and the renovation of the existing 222 guestrooms, an expanded arrival area, a new 1,000-foot long “lazy river,” 60,000 sq. ft. of revitalized meeting and event space, an updated spa and a new 120-seat steakhouse restaurant.
Construction on The Woodlands Resort & Conference Center is scheduled to start this spring and be completed in late 2014. The property will remain open for business through the redevelopment period.
“We are thrilled to expand our relationship with The Howard Hughes Corporation by partnering with them on this project,” said Kent Howard, Texas market manager for U.S. Bank Commercial Real Estate, in a statement. “The redevelopment of The Woodlands Resort is one of the most notable projects in Houston this year and will have a lasting impact on the local economy. This deal underscores U.S. Bank’s commitment to the Texas commercial real estate market.”