Sunday , 25 September 2016
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Historic Building in Downtown Houston Becoming Le Meridien Hotel

Rendering of redevelopment of historic modern building in downtown Houston. It will be a 255-room Le Meridien hotel.

Rendering of redevelopment of historic modern building in downtown Houston. It will be a 255-room Le Meridien hotel.

HOUSTON – The 21-story Melrose Building in downtown Houston will be redeveloped into the 255-room Le Meridien Houston hotel.

Built in 1952, the Melrose building, 1121 Walker Street, between Fannin and San Jacinto streets has been vacant for 20 years.

A number of hotels are under construction in downtown, including the Aloft hotel redevelopment of the Stowers Building, across the street from the Le Meridien site.

The Le Meridien, a Starwood brand, is being developed by Development Services Group with funding from Atlantic American Opportunities Fund, a EB-5 organization that arranges capital from foreign investors.

The Atlantic American fund made an $15 million equity and subordinate debt investment in the project, alongside a bank construction loan, State and Federal Historic Tax Credits and an equity investment made by the project’s sponsor.

The Melrose Building was one of Houston’s first modern-style skyscraper, and has recently been added to the National Register of Historic Places.  The redevelopment project qualifies for historic tax credits.

Le Meridien is a Starwood global hotel brand with a portfolio of more than 100 upscale hotels across more than 50 countries. In late November, the Le Meridien Dallas Stoneleigh, a 1923 Art Deco hotel, was acquired by Carey Watermark Investors.

On Nov. 16, Marriott International announced it is buying Starwood for $12.2 billion.

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