Kutak Rock attorneys Scott Beck and David Caprera served as underwriter's counsel to Piper Jaffray in the approximately $152 million financing transaction for the new hotel and conference center being built on the campus of Texas A&M University in College Station, Texas.
The hotel-conference center will be located across the street from Texas A&M's football stadium, Kyle Field, and the University is conducting a lottery to determine the alumni who will gain the right to make a one-time, tax-deductible $100,000 donation to the University in exchange for reserving a specific room at the hotel on any day for the next 10 years. To date more than 750 Texas A&M alumni have expressed interest in the lottery/reservation program. Only about a third of those interested will win. The University also anticipates selling naming rights to the facility.
The 250,000-square-foot project will include a full-service restaurant and bar, 1,000 square feet of retail space, an outdoor pool, a fitness center, an outdoor event area, a 650-seat ballroom and more than 28,000 square feet of conference and meeting space. The hotel will include two penthouses, 11 luxury suites, and 237 standard rooms. It is scheduled to open to the public in time for Texas A&M's 2018 home opener.
Prior to this financing, Kutak Rock also served as underwriter's counsel to Piper Jaffray in the financing of an approximately 1,400 space parking garage on Texas A&M’s campus located adjacent to the hotel-conference center and Kyle Field. Construction of the parking garage was completed prior to the commencement of construction of the hotel-conference center.
For more information about this project and the alumni lottery, please click here (courtesy of the Wall Street Journal) and here (courtesy of The Eagle).
For an artist's illustration of the finished project, click on the file below.