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Houston

Mighty Equities Eyes Montrose for Hotel

Austin-based firm wants to build seven-story hotel in Houston neighborhood

Mighty Equities’ company directors David Dart and Manish Patel
Mighty Equities’ company directors David Dart and Manish Patel (Dart Advisors, LinkedIn)

A boutique hotel is coming to Montrose.

Mighty Equities plans to build a 52-key at 702 Hyde Park Boulevard, the Houston Business Journal reported.

The seven-story Hyde Park Hotel would sit on the half acre vacant parcel that used to hold about five single-family homes and a small multifamily property, at Hyde Park Boulevard and Stanford Street. It would have about 25,000 square feet of restaurant, bar and entertainment space.

The Austin-based private equity firm needs approval from the Houston Planning and Development Commission. 

The hotel’s two driveways would enter and exit onto two residential streets, rather than a major thoroughfare. It would have a 54-car garage, and another 25 parking spaces would be off site, on Crocker Street.

The developer also wants approval for a 5-foot setback on the east side of the property.

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Besides that, local approval is required to build the hotel in an area where more than 50 percent of the building use is residential.

The planning commission last week postponed its decision to Aug. 10. Advocates of the LGBTQ+ community in Montrose showed up to express concerns over loss of local culture in the face of big developments.

Mighty Equities plans to work with neighbors to “refine plans” and ensure that the hotel complements the neighborhood, the outlet reported.

The hotel could take about two years to build.

Houston was ranked the worst hotel market in the country for loan performance by TREPP, and it had the largest hotel loan to resolve for a loss in April.

But it’s also where the Hilton College of Global Hospitality Leadership at the University of Houston recently renovated and reopened its on-campus hotel.

This isn’t the first hotel project Montrose has drawn recently. Austin-based Bunkhouse is planning the 71-key St. Augustine Hotel, adjacent to the Menil Collection, on Loretto Drive.

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