🏙️Convention Center Upgrades: Houston’s CRE Future 🚀

🏨 Record Visitors Drive Houston Hotel Market Growth 📈

November 18, 2024•4 min read

🏨 Record Visitors Drive Houston Hotel Market Growth 📈

🏙️Convention Center Upgrades: Houston’s CRE Future 🚀

Houston is making headlines for more than just its thriving industries—2024 is set to be a record-breaking year for visitors! With 54 million people projected to visit the Bayou City, up from 51 million in 2023, Houston is solidifying its place as a major travel and event destination. So, what does this mean for commercial real estate (CRE)? Let’s dive into the numbers and opportunities. 👇

A Booming Hotel Market 🏨📈

Houston First Corp., the city’s destination marketing organization, announced this impressive visitor surge during its State of the Visitor Economy event. Not only is Houston poised to smash its all-time visitor record, but hotel bookings are also through the roof! The city is on track to surpass its stretch goal of 830,000 hotel rooms booked for conventions this year—a number that’s already driving hotel revenue per available room up by 15%.

What’s fueling this growth? Major events like the Professional Convention Management Association Convening Leaders conference in January, the 2026 World Baseball Classic, and FIFA’s World Cup matches are just the tip of the iceberg. These events bring waves of visitors, creating a ripple effect on local hotels, restaurants, and entertainment venues. 🌍⚾

Transforming Houston’s Convention Scene 🏗️✨

The George R. Brown Convention Center is about to undergo a $2 billion transformation, with groundbreaking set for next year. By 2028, the convention district will feature a brand-new building, giving Houston a cutting-edge venue to rival cities like Chicago, Dallas, and Atlanta. This investment highlights the city’s commitment to attracting world-class events and creating a modern, competitive edge in the convention market.

For CRE investors, this signals a golden opportunity. The surrounding areas—like East Downtown—stand to benefit from increased foot traffic, making them prime spots for retail, dining, and mixed-use developments. 🛠️🍽️

Big Events Mean Big Impact 🌟🏟️

Houston’s upcoming role as a host city for seven World Cup matches and 12 World Baseball Classic games is expected to generate an economic impact on par with the Super Bowl. Add to that a 38-day Fan Fest in East Downtown, and you’ve got a recipe for skyrocketing demand in hospitality, retail, and transportation sectors.

Think about it: international fans, media crews, and event organizers all need places to stay, eat, and shop. For CRE professionals, this is a chance to leverage Houston’s moment in the global spotlight. 🏆✈️

Why This Matters for Houston’s CRE 🏢

Houston’s record-breaking visitor numbers aren’t just about tourism—they’re a boon for the entire commercial real estate landscape. Here’s why:

1. Hospitality Sector Growth 🏨: Increased hotel bookings and revenue mean a stronger hospitality market. Developers and investors in the hotel industry should take note—Houston is becoming a top-tier destination.

2. Retail & Dining Expansion 🍴🛍️: More visitors mean more demand for restaurants, cafes, and shopping. Areas near major event venues are ripe for new retail developments or upgrades to existing spaces.

3. Infrastructure Development 🚧: The $2 billion convention center transformation is just the beginning. As Houston attracts more major events, infrastructure investments will continue to rise, offering opportunities for construction and CRE partnerships.

4. Mixed-Use Potential 🏙️: High visitor numbers often spark demand for mixed-use projects combining hospitality, residential, and retail spaces. Neighborhoods like East Downtown could see a wave of development.

Looking Ahead: Houston on the Rise 🚀

Houston First President and CEO Michael Heckman said it best: “Failure is never an option.” With record-breaking hotel revenues, Michelin-starred restaurants, and an aggressive plan to attract more conventions and visitors, Houston is on a path to becoming one of the nation’s most dynamic CRE markets.

For those in commercial real estate, now is the time to think strategically. Whether it’s investing in hospitality, retail, or mixed-use developments, the opportunities are as big as Texas itself. 🌟

What do you think Houston’s CRE future looks like as the city continues to grow its global appeal? Let us know in the comments below! 👇

I’m an experienced Commercial Real Estate Mortgage Broker, please feel free to reach me at 281-222-0433.

#HoustonRealEstate #CommercialRealEstate #HospitalityGrowth #HoustonTourism #WorldCup2026 #HotelMarket #DowntownHouston #CRETrends #MixedUseDevelopment

https://www.billrapponline.com/

https://medallionfunds.com/bill-rapp/

https://houstoncommercialmortgage.com/

https://findamortgagebroker.com/Profile/WilliamRappJr28883

https://doctorvideo.billrapponline.com/

https://veteransvideo.billrapponline.com/

https://mortgageviking.billrapponline.com/

https://fha203h.billrapponline.com/

https://renovationvideo.billrapponline.com/

https://www.smartbizloans.com/partner/vikingenterprisellc/bill

https://www.fastexpert.com/loan-officer/bill-rapp-95119/

https://billrapponline.com/financingfuturescre-houston-katy

https://www.smartbizloans.com/assist/partner/medallionfunds/bill

https://billrapp.commloan.com/

Bill Rapp - Commercial & Residential Mortgage Broker

Whether you're a first-time homebuyer, a seasoned investor, or a business owner with ambitious plans, securing the right financing is crucial. At Medallion Funds, we take the guesswork out of mortgages, offering a comprehensive suite of residential and commercial loan options to fit your unique needs. Looking for Your Dream Home? We understand the excitement and challenges of navigating the residential real estate market. Our experienced mortgage brokers will guide you through every step, from pre-qualification to closing. We offer a variety of loan programs to suit your financial situation, including: • Fixed-rate mortgages: Offering stability with predictable monthly payments. • Adjustable-rate mortgages (ARMs): Providing competitive rates for a set period. • FHA loans: Making homeownership accessible with lower down payments. • VA loans: Rewarding veterans with attractive rates and flexible terms. Investing in Your Business Future? Growth often requires capital, and we can help you unlock the potential of your commercial property. Our brokers specialize in a wide range of commercial loan options, including: • Purchase loans: Financing the acquisition of new buildings or land. • Construction loans: Facilitating the development of your project. • Refinance loans: Restructuring your existing mortgage for better terms. • SBA loans: Providing access to government-backed financing for qualified businesses. The Medallion Funds Difference: We go beyond simply finding a loan. We take the time to understand your goals and develop a personalized strategy. Here's what sets us apart: • Expertise: Our brokers have a deep understanding of both residential and commercial lending. • Competitive Rates: We leverage our strong lender relationships to secure the best possible terms. • Streamlined Process: We handle the paperwork, keeping you informed every step of the way. • Exceptional Service: We're committed to providing you with a positive and stress-free experience. Ready to Take the First Step? Contact Medallion Funds today for a free consultation. Let's discuss your financing needs and help you achieve your dreams!

Back to Blog