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Houston restaurateur Tilman Fertitta has contracted to buy the old World Trade Center building in downtown Houston.

Fertitta is considering a plan to redevelop the abandoned building, transforming it into a 220-room luxury hotel. The 12-story building is currently owned by an investment group led by Hakeem Olajuwon of the Houston Rockets. The basketball player had purchased the building last year from the Port of Houston Authority, which once had its offices there. The building is located across the street from the Enron Field baseball stadium. Ferititta is chairman of Houston-based Landry’s Seafood Restaurants Inc.

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