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SMU1213

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  1. I spoke with someone on their design team a few weeks ago that said they are working on Phase 2's design right now. Who knows what that really means from a start date, but I was somewhat surprised considering where the real estate market is right now...
  2. That land is worth $200m+. They could easily sell it to a developer and require the developer to include a brand new 400 unit affordable housing tower as part of the master planned development. More affordable units that are brand new would be a positive outcome.
  3. They bailed either right before or after covid. They have a Cowboys Fit that is part of The Star that is extremely nice. To your point, it literally butts up to the Cowboys gym where you can watch them working out next to you (separated by a glass wall). People in Dallas love the Cowboys and will pay for the expensive gym membership to be "a part of the organization". I'm not sure that's the case in Houston.
  4. My guess is one of two things: 1) the retail is too valuable so the value he wants to put the land in for a development deal is too high or 2) Haidar is difficult.
  5. Haidar Barbouti's vision is definitely to have high rises as a part of Highland Village. He's been talking to developers for over a decade about trying to get one done. The conversations just haven't gone anywhere.
  6. Chelsea Market's skybridge and Herald Square's sky bridge are both pretty photogenic.
  7. Supply, lack of quality product, lack of tourism, age of existing hotels, etc. Think about how poorly our high-end hotels compare to the same flags in other cities. Our Four Seasons just got a face lift, but you still have low ceiling heights and other issues that couldn't be fixed due to it being an older building. Our JW Marriott and St Regis are two of the worst ones in the country. I'm hopeful that The Thompson will get some high rates. If they do, I bet we see three hotel starts in the next few years (if hard costs normalize).
  8. Our hotels' RevPARs are too low to support new development (with the exception of The Post Oak which doesn't release their information since they aren't part of a chain), especially with the rapidly rising construction costs. Houston's hotels rely on business travel which typically has a cap on room rates and their RevPAR peaked in 2014 when oil peaked. Our only hope for a new hotel that isn't an ego tower (Tilman's) is that the high energy prices start translating to higher RevPAR.
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