The Howard Hughes Corporation Announces the Redevelopment of the Woodlands Resort & Conference Center
Expansion and Renovation of Premier Texas Resort to Begin
The
Howard Hughes Corporation (NYSE: HHC) today announced that The
Woodlands Development Corporation, a wholly-owned subsidiary, will
expand and redevelop The
Woodlands Resort & Conference Center.
Renowned for its idyllic, forested surroundings in the heart of the
acclaimed Woodlands community just north of Houston as well as for its
award-winning service, The Woodlands Resort & Conference Center is
ideally suited for corporate events and affluent leisure travelers.
Today, the luxury resort features 440 guest rooms and approximately
60,000 square feet of meeting and event space, including the 13,500
square-foot Grand Ballroom and 33 dedicated meeting rooms, most with
natural light and exceptional views of the lake or forest. Guests also
enjoy spa and fitness facilities, the Forest Oasis Waterscape™ and
access to 21 indoor and outdoor tennis courts, two championship golf
courses and 194 miles of nature trails for hiking and biking throughout
The Woodlands.
Over the past few years, the resort has been named among the best by Meetings
& Conventions, ConventionSouth, Smart Meetings, Meetings
Focus, MeetingsNews and Corporate Meetings & Incentive Magazine.
The Woodlands Resort & Conference Center has also been recognized by Travel
& Leisure, Golf Digest and numerous local and regional
publications.
Highly successful by today’s standards, the redevelopment of The
Woodlands Resort will enable it to meet burgeoning demand for
world-class hospitality driven by the strength of the Houston economy -
The Brookings Institute recently ranked Houston as North America's
fastest-growing economy. Major catalysts in the north Houston area
adjacent to The Woodlands include the nearby ExxonMobil campus opening
with approximately 10,000 jobs in 2014 and the extension of the Grand
Parkway in 2015.
The Howard Hughes Corporation will immediately begin a major
redevelopment of the luxury resort slated for completion in summer 2014.
The redevelopment will encompass -
-
The renovation of 222 existing guest rooms and suites in the Fairway
Pines I and II
-
The replacement of 206 lodge rooms with Fairway Pines III - a new wing
with 184 guest rooms and suites
-
A new, expanded arrival area with porte‐cochere and lobby featuring
native Texas stone, and massive, three-story windows
-
A new 3,036 square-foot “Living Room” connecting the three guest rooms
wings, ideal for informal gatherings
-
A new Lazy River winding 1,000 feet through the surrounding forest
highlighting the Forest Oasis Waterscape™
-
A fully revitalized 60,000 square feet of meeting and event
facilities, including the ballroom, boardrooms, breakout space, lobby
and pre-function areas
-
An updated 13,000 square-foot spa and facility
-
A new 120‐seat steak house restaurant and lounge adjacent to the 18th
hole with a private wine vault and outdoor patio
When complete, the expanded resort will feature a sophisticated, yet
warm Texas feel. The stone, steel and wood structure - created by
interior design firm, Jim Looney & Associates, and Gensler of Houston,
the Architect-of-Record - will bring a strong connection to nature and
reflect an active, contemporary lifestyle.
“The renovation and expansion of this already thriving resort will
solidify its position as the premier destination resort across the
state,” said Paul Layne, Executive Vice President of The Howard Hughes
Corporation. “This redevelopment continues our mission to create
timeless places and memorable experiences.”
The Woodlands Development Corporation has secured $95 million of
construction financing from U.S.
Bank to complete the redevelopment. The loan was arranged by Randy
Fleisher of Quadrant Realty Finance. The financing amongst other terms
repays the existing secured debt of $36 million and has a three-year
term.
“We are thrilled to expand our relationship with The Howard Hughes
Corporation by partnering with them on this project,” said Kent Howard,
Texas Market Manager for U.S. Bank Commercial Real Estate. “The
redevelopment of The Woodlands Resort is one of the most notable
projects in Houston this year and will have a lasting impact on the
local economy. This deal underscores U.S. Bank’s commitment to the Texas
commercial real estate market.”
About The Howard Hughes Corporation
The Howard Hughes Corporation owns, manages and develops commercial,
residential and mixed-use real estate throughout the U.S. Our properties
include master planned communities, operating properties, development
opportunities and other unique assets spanning 18 states from New York
to Hawai‘i. The Howard Hughes Corporation is traded on the New York
Stock Exchange as HHC and is headquartered in Dallas, TX. For additional
information about HHC, visit www.howardhughes.com.
About The Woodlands Resort & Conference Center
Where natural beauty meets high-tech convenience, the International
Association of Conference Centers (IACC) approved Woodlands Resort &
Conference Center combines the highest quality conference facilities
with resort amenities. The property is centrally located, a three-hour
flight from either coast and 18 miles from Houston’s George Bush
Intercontinental Airport.
A founding member of IACC, the 440-room property features 60,000 square
feet of flexible meeting space, including a 13,500-square-foot Grand
Ballroom and 33 dedicated meeting rooms. Nearly all meeting space offers
natural light and views of the lake or forest. Other meeting highlights
include two full-service business centers, a concierge floor with
private boardroom, an extensive menu of themed food and beverage
presentations and a team of experienced meeting professionals. Meeting
attendees enjoy activities ranging from team building events to
on-property resort amenities such as golf, spa and fitness facilities,
194 miles of nature and bike trails, five pools and indoor and outdoor
tennis courts. Visit www.woodlandsresort.com
or call 866-554-8118 for group planning needs.
About U.S. Bank Commercial Real Estate
U.S. Bank Commercial Real Estate specializes in providing creative
credit and non-credit financial solutions for real estate developers,
REITs, and commercial property owners across the United States. U.S.
Bank offers such services as construction/development lending, property
acquisition lending, refinancing, lines of credit, and syndications.
With an employee base of 400 professionals in 24 offices, U.S. Bank
Commercial Real Estate builds long-term relationships designed to help
American businesses grow.
About U.S. Bank
U.S. Bancorp (NYSE: USB), with $354 billion in assets as of December 31,
2012, is the parent company of U.S. Bank, the 5th largest commercial
bank in the United States. The Company operates 3,084 banking offices in
25 states and 5,065 ATMs and provides a comprehensive line of banking,
brokerage, insurance, investment, mortgage, trust and payment services
products to consumers, businesses and institutions. Visit U.S. Bancorp
on the web at usbank.com.
Safe Harbor Statement
Statements made in this press release that are not historical facts,
including statements accompanied by words such as “will,” “believe,”
“expect,” “enables,” “realize,” “plan,” “intend,” “transform” and other
words of similar expression, are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements are based on management’s expectations, estimates,
assumptions and projections as of the date of this release and are not
guarantees of future performance. Actual results may differ materially
from those expressed or implied in these statements. Factors that could
cause actual results to differ materially are set forth as risk factors
in The Howard Hughes Corporation’s filings with the Securities and
Exchange Commission, including its Quarterly and Annual Reports. The
Howard Hughes Corporation cautions you not to place undue reliance on
the forward-looking statements contained in this release. The Howard
Hughes Corporation does not undertake any obligation to publicly update
or revise any forward-looking statements to reflect future events,
information or circumstances that arise after the date of this release.
