HOUSTON-Rida Development and Ares Management, LLC report they have secured funding from a consortium of six banks to move forward with their $335-million convention center hotel in downtown Houston.
Locally-based Rida Development and Ares Management, which is based in Houston, say that Well Fargo & Co. is the lead agent for the financing package for the project. BBVA Compass of Birmingham, AL is the co-agent. Other members of the consortium include: CIT Bank of New York City, MidFirst Bank of Oklahoma City, Frost Bank of San Antonio, and PNC of Pittsburgh, according to the Houston Business Journal.
The developers expect to break ground on the 1,000-room hotel Houston Marriott Marquis project in April 11, 2014. The hotel, which would be the second convention hotel in the city, is projected to be completed sometime in 2016.
The developers state that the project will create more than 1,800 construction jobs and 700 permanent jobs upon completion of construction. See story in the Houston Business Journal.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
