Conroe Hotel & Convention Center
This 210,022-sq. ft., 250-room, full-service hotel and convention center will be located at Grand Central Park in Conroe, Texas. The approximately $86.2 million facilities include a 90,000-sq. ft Convention Center/podium, a 7-story, 120,000-sq. ft. rooms tower, and a 3-story 370-car parking garage and surface parking for an additional 150 cars. The project is being designed to LEED® criteria for basic certification.
The innovative financing solution is tailored to the City’s objectives and positions the City as the sole beneficiary of net cash flow and residual value. The Convention Center will be financed with City bonds repaid by site-specific occupancy, sales, and property taxes. The Hotel will be financed with publicly sold non-recourse tax-exempt hotel revenue bonds.
The Hotel will be owned by a Local Government Corporation and will be operated by a major full-service hotel brand/operator under a qualified management agreement. Upon retirement of the tax-exempt hotel revenue bond financing, the facilities will be transferred at no cost to the City of Conroe. Construction is projected to commence in Q1 2021 with a grand opening in Q4 2022.