Developers For $335M Texas Hotel Land Financing, Marriott

Law360, New York (December 6, 2013, 4:39 PM EST) -- Hotel builder Rida Development Corp. and private equity firm Ares Management LLC have struck deals securing the financing for a $335 million convention center hotel project in Houston and nailed down Marriott International Inc. as the manager, the companies announced Thursday.

With the financing and management deal — which also puts the Marriott Marquis flag on the property — in place, the developers said they expect the project to break ground in April 2014. Wells Fargo & Co. and BBVA Compass Bancshares Inc. led a consortium,...
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