In development news, U.S. Bank and The Howard Hughes Corp. have now closed a loan of $95 million for the expansion and redevelopment of The Woodlands Resort & Conference Center in Houston. The property, a 440-room luxury resort that includes 60,000 sq. ft. of meeting and event space, is but one major development around Lake Woodlands.
The development project is to include the building of an additional 184 guestrooms, and renovation of some 222 others. Revitalization of the massive meeting space, a expanded arrival area, and a spa and restaurant are also planned. Construction is scheduled to begin soon, with completion projected in the Spring of 2014.
Earlier this month The Howard Hughes Corporation announced the expansion of their subsidiary The Woodlands Development Corporation to undertake development at this venerable Houston resort icon. According to the earlier release the $95 million of construction financing from U.S. Bank was arranged by Randy Fleisher of Quadrant Realty Finance. Also, this financing also repays a previous secure debt on the property of some $36 million.
For more information on this and other Hughes developments, please visit the corporation's website.