Texas-based K & K Hotel Group has picked up the financing to develop and manage a Hampton Inn & Suites within its home state, in Shenandoah.
The five-storey southern US property is projected to open in late 2023 for Hampton’s parent group, Hilton Worldwide.
Full facilities
Located within the greater Houston market, the 106-room hotel will feature over 1,000 sq ft of meeting space, a fitness centre, lobby workstation, laundry room, a dining area with a full bar, and an outdoor pool.
Hampton Inn & Suites Shenandoah will be sited one-mile north of The Woodlands town centre, which serves as the ‘downtown’ for the area.
Financial approval
Dallas-based Hall Structured Finance (HSF) originated a new first lien construction loan totalling $15.3 million to finance the development.
This is the sixth property HSF has financed in the Houston metro and the 25th loan the private lender has originated in Texas. HSF is currently on track to close over $1 billion in new construction and bridge loans in 2022, largely targeting the hotel and multifamily sectors.
Unprecedented growth
HSF vice president Matt Mitchell, who originated the loan, said: “The Woodlands and neighbouring cities such as Shenandoah and Oak Ridge North, have enjoyed unprecedented population and employment growth in recent years.
“We believe the hotel’s prime location along Interstate-45 and the popularity of Hilton’s Hampton Inn brand coupled with the area’s robust business climate will make it a great addition for the growing number of business and leisure travellers to the area.”
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