HOUSTON The 75-year-old Post-Dispatch building in downtown Houston, which has been lying vacant, is about to be transformed into a $50 million boutique hotel.
The proposed 22-story hotel, called The Magnolia, will have 314 rooms and is expected to open in fall 2002. The hotel will be owned and operated by Denver-based Steve Holtze Hotels, which also operates Magnolia Hotels in Denver and Dallas. Steven Holtze, president, said he has secured most of the financing for the Houston project through a local bank and has obtained an additional $9.5 million loan through the U.S. Department of Housing and Urban Development. (5/17/01)
SOURCE: Houston Chronicle