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January 16, 2024

8 At The Gate: Houston-Area Projects To Watch In 2024

Projects expected to deliver in the Houston area this year are scattered across asset classes and locales in the metro as high interest rates and the increased cost of capital ground new construction nearly to a halt.

8 At The Gate: Houston-Area Projects To Watch In 2024

New office supply is expected to drop dramatically in the year ahead, and additional retail is only being built along the outskirts of the city, research analysts and brokers told Bisnow. Industrial has significant footage under construction, about 20M SF, but overall construction starts are down…

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Houston’s New Mayor Halts City Deal To Build Hotel, Convention Center

Houston’s New Mayor Halts City Deal To Build Hotel, Convention Center  

Houston Mayor John Whitmire has pressed pause on the potential approval of a deal between the city and local firm Lovett Commercial to help pay for the development of a Downtown hotel and convention center near POST Houston.

Whitmire expressed concern about the deal potentially hindering legislation he helped pass last year as a state senator, adding that the agreement struck between former Mayor Sylvester Turner's administration and Lovett Commercial could set a “terrible precedent.”  That agreement would involve Lovett building a 21K SF convention center and a 90-to-200-room hotel…

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This Week's Houston Deal Sheet: Transwestern Acquires Luxury Uptown Hotel

This Week's Houston Deal Sheet: Transwestern Acquires Luxury Uptown Hotel  

Transwestern Hospitality Group acquired Hotel Granduca, a 122-key luxury hospitality property on 3.5 acres at 1080 Uptown Park Blvd. in Houston.

THG partners Tyler Lavin and Thomas Duncan, supported by Transwestern’s investment team, facilitated the transaction and will lead a repositioning project at the hotel.

“Hotel Granduca is an irreplaceable five-star property located in an amenity-rich, walkable enclave situated between the River Oaks and Galleria submarkets,” Lavin said in a news release. “In a world where travelers increasingly expect a memorable, authentic experience, this is a rare opportunity to embrace the individuality of one of…

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Not 'Even Worth Giving Them Our Name': Why Most Foreclosure Auctions Don't Actually Result In Sales

Not 'Even Worth Giving Them Our Name': Why Most Foreclosure Auctions Don't Actually Result In Sales  

It was an uncharacteristically dreary day in Los Angeles County when a full-block Pasadena office property hit the auction block with a $114M opening bid — less than half its prior sale price. Despite the attractive price point and the many selling points of the Pasarroyo office complex, the results of the auction were equally glum.

The no-frills public auction was held on the steps of the Pomona Public Library, a low-slung, pasty beige building in Pomona, California. About one dozen people attended, toting folding chairs.

About half of those in attendance were there because of the Pasarroyo building. But when the time came to bid on the 640K SF property, the crowd was silent. No one bid and the property remained with its lender, Heitman.  It’s a scene playing out on courthouse steps…

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