THE WOODLANDS, TX-Howard Hughes Corp. has obtained financing to the tune of $95 million to launch an extensive renovation on the 440-room Woodlands Resort & Conference Center. According to a press release detailing the renovation, US Bank provided the funding that will help with the major overhaul, which is scheduled for a summer, 2014 completion.
US Bank provided the loan, which was arranged by Randy Fleisher of Quadrant Realty Finance. The financing amongst other terms repays the existing secured debt of $36 million and has a three-year term.
Actions on the property at 2301 N. Millbend Dr. will include
- The renovation of 222 existing guest rooms and suites in the Fairway Pines I and II
- The replacement of 206 lodge rooms with Fairway Pines III – a new wing with 184 guest rooms and suites
- A new, expanded arrival area with porte-cochere and lobby featuring native Texas stone, and massive, three-story windows
- A new 3,036 square-foot “Living Room” connecting the three guest rooms wings, ideal for informal gatherings
- A new Lazy River winding 1,000 feet through the surrounding forest highlighting the Forest Oasis Waterscape
- A fully revitalized 60,000 square feet of meeting and event facilities, including the ballroom, boardrooms, breakout space, lobby and pre-function areas
- An updated 13,000 square-foot spa and facility
- A new 120-seat steak house restaurant and lounge adjacent to the 18th hole with a private wine vault and outdoor patio
The press release issued by Howard Hughes Corp., which owns and manages the master-planned Woodlands community notes that the renovations are taking place in conjunction with growth in this far north Houston submarket. Major catalysts in the north Houston area adjacent to The Woodlands include the nearby ExxonMobil campus opening with approximately 10,000 jobs in 2014 and the extension of the Grand Parkway in 2015.
When complete, the expanded resort will feature a sophisticated, yet warm Texas feel. The stone, steel and wood structure – created by interior design firm, Jim Looney & Associates, and Gensler of Houston, the architect-of-record – will bring a strong connection to nature and reflect an active, contemporary lifestyle.
“The renovation and expansion of this already thriving resort will solidify its position as the premier destination resort across the state,” says Paul Layne, executive vice president of Howard Hughes Corp. in a prepared statement. “This redevelopment continues our mission to create timeless places and memorable experiences.”
The Woodlands seems to be the overnight success that was more than 30 years in the making. What are your thoughts about this Houston submarket and its popularity? Please feel free to comment (anonymously, if you’d like!).