Today’s Restaurant, the trade newspaper for the restaurant industry in Florida and Georgia offers:
|New JW Marriott Houston downtown to open in Spring 2014|
The $80.8 million renovation project includes several funding sources: $31 million in owner equity; $42.5 million in senior bank financing and $7.35 million financing by the City of Houston.
"Our city is thriving," Houston City Councilmember James Rodriguez said. "Over the past few years, we have worked tirelessly to grow our tax base through positive economic development and the JW Marriott Houston Downtown hotel is a direct result of that effort."
The city received HUD approval to use $5.5 million in EDI grant funds and $1.8 million in Section 108 funds for the redevelopment of the property as a special economic development activity. Specifically, HUD indicated that the project meets the applicable Community Development Block Grant national objective of primarily benefiting low- and moderate-income people through job creation. The city funding will be repaid with interest and represents about nine percent of the total cost.
"This is an exciting new development for Houston because it supports downtown growth and creates local jobs," said Dawn Ullrich, president of Houston First Corp. "For Houston First, there's an extra benefit -- it adds much-needed hotel rooms downtown, making Houston more competitive for convention business."
"The location is great for convention guests, business travelers and tourists," said Bob Eury, executive director of the Houston Downtown Management District. "It is across the street from the newly opened BG Group Place and is just blocks away from iconic workplaces such as Chase Tower, the Esperson Building and Pennzoil Place. It also is conveniently connected to major activity centers via the existing and under-construction METRO Rail lines. And the JW Marriott brand is a great addition to downtown."
"We wish to thank Mayor Parker, Andy Icken, the City of Houston Chief Development Officer, and Councilmember James Rodriquez for their leadership in helping to bring this project to fruition," said Pritesh Patel, Pearl Hospitality President. "The hotel will be a reflection of Houston's rich culture and history and we look forward to revealing details of our plans in coming months."
Pearl Hospitality owns and operates hotels in Fort Worth and Lubbock, Texas and has received numerous awards from Hilton Hotels & Resorts for management including being named the top ranked Embassy Suites in the country.
Founded in 2000, Pearl Hospitality is built on the belief that by investing in the growth of its people, it is investing in the future of the company. The focus on both personal and professional growth of the Pearl team results in a level of performance that far exceeds industry averages. Unlike many hotel companies, Pearl develops, constructs, and operates its properties to maintain the highest standards and dramatically increase the functionality and comfort of its hotels.