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S&P lowers Conroe hotel bond rating to default after missed interest payment

S&P Global Ratings lowered the rating on a portion of the Conroe Local Government Corp.’s hotel debt to “D” after the CLGC was delinquent on an April 1 interest payment tied to its series 2021B second-lien hotel revenue bonds, according to an April 16 S&P report.

The gist: The rating action applies to CLGC’s series 2021B second-lien hotel revenue bonds, which were previously rated “CCC-,” according to S&P. 

In simple terms, S&P considers that portion of the hotel debt to be in default because the full interest payment was not made, according to the report.

The city’s general obligation rating is separate from the hotel bond rating. S&P rates Conroe’s property tax-backed certificates of obligation at AA+.

What happened: The hotel project did not have enough operational cash flow or enough money left in its dedicated debt service reserve account to fully cover the about $463,319.11 April 1 interest payment, according to S&P Global Ratings.

 
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Veteran-owned FlexSpace opens in Conroe with workspaces for small businesses, contractors

FlexSpace is now open in Conroe, officials confirmed. 

The details: Flex Space offers flexible lease units geared toward contractors, entrepreneurs and small businesses and has units ranging from 1,000 to 5,000 square feet available for lease, an official said. The spaces are owner-managed and designed for a range of uses, including storage, contractor operations and small-business workspaces.

The business also offers early renters the chance to build out their units to fit their needs, including office space, restrooms and plumbing.

Why here? Officials said they chose Conroe after seeing the city’s growth firsthand as longtime Montgomery County residents and business owners. As new neighborhoods and businesses continue to pop up across the area, they said they saw a need for more affordable workspace for the people helping drive that growth.

The owners also said they wanted to create a space run by people who live and work in the community it serves.

  • 200 Porter Road, Conroe
 
Mark Your Calendar
10 Cinco de Mayo events going on in the Greater Houston area

Check out several events going on in the Greater Houston area to celebrate Cinco de Mayo.

1. Cinco de Mayo Rooftop Party
Join Post Houston for a Cinco de Mayo celebration on the Skylawn featuring live Latin music, margaritas, palomas and ranch waters, and sample drinks from Aquasol, Herradura, Mijenta, and Estrella Jalisco as the sun goes down over the Houston skyline.

  • May 1, 7-10 p.m.
  • Free
  • 401 Franklin St., Houston

2. Cinco De Mayo Celebration
Celebrate Cinco De Mayo at MKT Distillery with food trucks, local vendors, crawfish and a live DJ.
  • May 2, 2-7 p.m.
  • Free (admission)
  • 5373 First St., Katy

3. Cinco de Mayo Fiesta at Paradigm
Paradigm Brewing will offer Mexican-inspired favorites, limited-release beers, live music and dancing.
  • May 2, 11:30 a.m. (restaurant opens), 6 p.m. (live music starts)
  • Free (admission)
  • Paradigm Brewing, 2130 South Persimmon Lane, Tomball
 

Your Weekend To-Do List

Check out these weekend events across the metro area.

Fuzzy’s Taco Dash

Pet Adoption Event

May 2, 7:30 a.m.
Kingwood

May 2, 9 a.m.-1 p.m.
Houston

Learn more.

Learn more.

 

A Taste of Cy-Fair

Karbach Hot Sauce Festival

May 2, 5 p.m.
Cypress

May 3, 11 a.m.-6 p.m.
Houston

Learn more.

Learn more.

 
To submit your own event, click here.

CI Texas
Live updates: Parents eulogize Camp Mystic victims; lawmakers urge health officials to suspend camp's license

Over 130 Central Texas residents and visitors died over the July 4 weekend as an intense rainstorm and flooding swept through the region. Among them were 28 deaths at Camp Mystic: 25 young campers; aged 8 to 10 years old; two 18-year-old counselors; and 70-year-old Richard "Dick" Eastland, the camp's executive director.

The private Christian girls camp has been under scrutiny for the actions camp leaders took to attempt to save campers in cabins along the Guadalupe River.

What's happening: During the second day of public hearings April 28, a panel of lawmakers investigating the July 4 flood heard roughly 12 hours of testimony from: 

  • The Eastland family, which owns and operates Camp Mystic
  • The head of the Texas Division of Emergency Management
  • The families of some campers who survived the flood
  • The parents of seven girls who died at Camp Mystic on July 4
  • Officials from the Texas Department of State Health Services, which licenses youth camps
 

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Lizzy Spangler
Editor

Chrissy Leggett
General Manager

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