Hyatt Regency® Conroe and Convention Center
Garfield is developer and asset manager of this 210,000-sq.ft., 250-room, 7-story, full-service hotel and convention center in the Grand Central Park in Conroe, Texas. Also included are a 3-story, 370-car parking garage and surface parking for an additional 150 cars. The project is designed to LEED® criteria for Certified certification.
Project funds include $48.2 million in publicly sold tax-exempt hotel revenue bonds that are non-recourse to City, $20.7 million in tax-exempt revenue bonds secured by a third lien on project revenues and a City annual appropriation shortfall guarantee, and $30 million in net proceeds from City-issued Certificates of Obligation (C.O.s) and other City sources.
Net cash flow to the City is estimated to be $71+ million over 28 years, with a residual value of $117+ million. In addition to being the sole beneficiary of all the property's net cash flow and residual value, the City will receive the property's Hotel Occupancy Tax (HOT) and sales tax revenue, including rebates of the State's first 10 years of HOT and sales tax.
The Hotel is owned by the Conroe Local Government Corporation (LGC) and will be operated by Hyatt under a qualified management agreement. The City owns the Convention Center and leases it to the LGC for seamless operation with the Hotel by Hyatt. Groundbreaking took place on October 20, 2021, with an estimated opening in May 2023.
- 3-Meal Restaurant with Expo Kitchen and Private Dining Rooms
- Lobby Bar and Lounge
- Retreat and Converse
- Festival District Park
- 15,000-SF Ballroom
- 8,000-SF of Meeting Rooms
- Pre-Function Broadcast Lounge and Pause Booths
- Swimming Pool
- StayFitTM Studio Fitness Center
- Make Space Business Center