December 6, 2018
JLL secured $60 million through Metlife to refinance the 325-key Hyatt Regency Houston Galleria. Carlyle Group, the sponsor and developer, will use the loan to retire existing construction debt. Jeffrey Davis, Mike Melody, Kevin Davis, Paul House, Matt Nowaczyk and John Ream led the JLL team in the transaction.
The hotel opened in late 2015 at 2626 Sage Rd., and is adjacent to the 2.4-million-square-foot Galleria retail center. Amenities include more than 19,000 square feet of meeting and event space, two food and beverage outlets, an outdoor pool with a sundeck and a fitness center.
“The current environment is very conducive to refinancing. The cost of debt is attractive to owners, and we’re seeing an increased number of lenders active in the Houston market,” Ream said. “Hyatt Regency Galleria is backed by sponsorship with a proven track record and strong in-place cash flow, which made this an attractive opportunity to lenders.”
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