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# Convention center hotel moves forward for spring groundbreaking
- URL: https://hospitality.pro/convention-center-hotel-moves-forward-for-spring-groundbreaking/
- Published: 2013-12-12T07:01:16.000Z
- Updated: 2013-12-12T07:01:16.000Z
- Author: H L
- Tags: Hospitality Industry News, Hotel Development, #wordpress, #Import 2026-04-16 12:15

Downtown Houston?s second convention center hotel has the financing to move forward with an April groundbreaking, the development companies said this week.

Houston-based?Rida Development Corp.and Los Angeles-based?Ares Management LLC said in a Dec. 5 statement that they secured funding from a six-bank consortium to build the $335 million, 1,000-room hotel, which is expected to break ground April 11 and be complete in 2016.

San Francisco-based?Wells Fargo & Co.(NYSE: WFC) is the lead agent, with Birmingham-based BBVA Compass as the co-agent, for the consortium, which also includes New York-based CIT Bank (NYSE: CIT), Oklahoma City-based?MidFirst Bank, San Antonio-based?Frost Bank(NYSE: CFR) and Pittsburgh-based?PNC(NYSE: PNC).

Earlier this year, Houston First Corp. and Rida?finalized the development agreement for the hotel. At the time, they also finalized Houston First?s portion of the financing ? which funds the acquisition of the hotel site, construction of an adjacent parking garage and other improvements to the convention district ? and authorized Houston First to transfer the hotel site’s land to Rida.

###### Source Houston Business Journal, http://www.bizjournals.com/houston/news/2013/12/06/convention-center-hotel-moves-forward.html