Springwoods Village's First Hotel
Is this the start of a new hotel submarket? Woodbine Development and InterMountain Management purchased 3.25 acres in Springwoods Village to develop a 128-room Residence Inn. CDC Houston EVP Keith Simon says this is the first of four or five hotels within the complex (all developed by Woodbine), and probably more in the area. (They're doing their part to keep the pillowcase industry in business.) Keith tells us this extended-stay hotel will be followed soon by a full-service hotel (planned to break ground this year) and a select-service hotel (perhaps a Marriott Courtyard, it’ll launch next year). Overall, CDC would like to see about 700 rooms in Springwoods.
Keith says hotel demand is spurred by new job creation in Springwoods—it’s projected to create 35,000 to 50,000 direct jobs. 12,000 people will be working here by next year between Exxon and Southwestern Energy alone. Keith gave us some updates: The single-family communities already have contracts even though they haven’t opened models, and The Belvedere has signed several leases even though it doesn’t open for leasing until next month. In April, we’ll see an announcement about Springwoods’ medical center, and in May or June he’ll be able to announce some deals made in the 60-acre Town Center. (That’ll include hotel, office, retail, and another residential project.)