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Category Archives: Hospitality

Rapid Shave: COVID-19 Trims $2 Billion Off Tilman Fertitta Net Worth; Houston Rockets Owner Falls Off List of World’s 500 Richest People

HOUSTON – (Realty News Report) – Houston restaurant and casino magnate Tilman Fertitta, has lost about a third of his wealth, or approximately $2 billion, in the last month due to the coronavirus outbreak, according to Bloomberg News. Feritta, who had a net worth of more than $5 billion last month, has dropped off the rankings of the 500 wealthiest ... Read More »

Tilman Fertitta Furloughs 40,000 Employees From Restaurant, Hotel and Casino Empire

HOUSTON – (Realty News Report) – Houston billionaire Tilman Fertitta, who owns the Golden Nugget casinos, several hotels and hundreds of restaurants has temporarily furloughed 40,000 employees, according to Bloomberg News. Fertitta told Bloomberg he is losing millions of dollars every day because of governmental shut-down orders issued as part of the coronavirus pandemic. His restaurants that have been operating ... Read More »

Montrose Combination Rising: La Colombe d’Or; Hines; NewForm Real Estate and the 97-Year-Old Fondren Mansion

HOUSTON – (Realty News Report) – The Zimmermans, represented by NewForm Real Estate, in a joint venture with Hines, disclosed additional details for its La Colombe d’Or Hotel renovation in the Montrose area. In addition to the 34-story The Residences at La Colombe d’Or developed and previously announced by Hines, La Colombe d’Or Hotel’s footprint will grow to a total of ... Read More »

Mid-Century Building Reopens as Westin Houston Medical Center Hotel

HOUSTON – (Realty News Report) – The historic Medical Towers building in the Texas Medical Center has been transformed into the 273-room Westin Houston Medical Center. The hotel recently opened in a mid-century modernist building located across the street from Houston Methodist and Texas Children’s Hospital. Lodging demand is high in the Texas Medical Center, which has 9,200 patient beds ... Read More »

Moving on Up – Luxe Realty Agents Invade Texas to Advance the Pursuit of Super-Rich Buyers

HOUSTON – (By Ralph Bivins of Realty News Report) — You’re feeling lucky. Nabbing one of the ten free parking spots in the garage is a miracle in this glitz palace. But plebeians who want to avoid giving six bucks to the parking valet don’t venture on these premises often. This is Tilman Fertitta’s The Post Oak Hotel and rooms ... Read More »

With Renovations Underway, GreenStreet Refinanced with $140 Million Loan

HOUSTON – (Realty News Report) – JLL has arranged a $140 million refinancing of GreenStreet, a 617,000-SF mixed use development in downtown Houston. JLL worked on behalf of the borrowers, Lionstone Investments and Midway to secure the loan, which was provided by Blackstone Real Estate Debt Strategies. GreenStreet, covering four blocks near the intersection of Fannin and Lamar, is undergoing ... Read More »

Tilman Fertitta Closes on Purchase of Del Frisco’s Steakhouse Chain

HOUSTON – (Realty News Report) – Houstonian Tilman J. Fertitta announced that Landry’s, Inc. has closed on the acquisition of Del Frisco’s Double Eagle Steakhouses and the Del Frisco’s Grilles. The seller is L Catterton, the largest and most global consumer-focused private equity firm.  The Wall Street Journal said the price was between $300 million and $325 million. Del Frisco’s is ... Read More »

NewcrestImage Hotel Firm Breaks Ground on Office Project in North Texas

GRAPEVINE, Texas – (Realty News Report) – NewcrestImage, a hotel and real estate development company, has started construction on an 80,000 SF four-floor office building in Grapevine, within the company’s 52-acre SilverLake Crossings master-planned development, about two miles north of DFW Airport. The company’s headquarters will occupy one floor of the building when it is completed in the summer of ... Read More »

Historic Petroleum Building Reopening as Cambria Hotel in Downtown Houston

HOUSTON – (Realty News Report) – A 92-year-old building in downtown tower has been redeveloped as the 226-room Cambria Hotel Downtown Houston. The hotel, scheduled to open August 1, will be located in one of Houston’s oldest high-rise office buildings at 1314 Texas Avenue. Joseph S. Cullinan, founder of the Texas Company, an early-day oil firm that became Texaco, developed ... Read More »

Austin is the Best Hotel Market in Texas, a Strong State for Hospitality

AUSTIN – (Realty News Report) – The major hospitality markets in Texas are all solid, with Austin leading the state, reports John M. Keeling, executive vice president of Houston-based Valencia Hotel Group, a leading luxury hospitality management company. “Austin’s hospitality market continues to be strong,” said Keeling. “The city has a diverse economy with high-tech Silicon Gulch, the universities, and ... Read More »

Houston Hotel Listed for Disposition

HOUSTON – (Realty News Report) – A new Houston-area hotel has become a “distressed asset” and is listed to be sold off by CBRE Hotels, according to Rahul Bijlani, senior vice president of CBRE Hotels. Bijlani, speaking at the CBRE press luncheon last week, said the hotel is affiliated with the Marriott chain, but he declined to fully identify the ... Read More »

The State of the Texas Hotel Market

 HOUSTON – (By Dale King, Realty News Report) – Many Houstonians who fled their Hurricane Harvey-flooded and otherwise damaged homes found shelter in a host of different places, among them – obviously – hotels. And many stayed there a good, long time. As a result, the overall Houston hotel market finished 2018 with a revenue per available room (RevPAR) loss ... Read More »

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