Independent valuation finds Conroe Hyatt worth about $22–24M; public comments press for charter changes

A Jones Lang LaSalle appraisal presented to the Conroe City Council on Oct. 23 found the Hyatt Regency hotel and the adjacent convention center would likely fetch about $22 million to $24 million on a normal market sale — far below the roughly $134 million construction cost cited by officials. The presentation and more than an hour of public comment focused attention on how the project was financed and whether voters could have intervened under proposed charter changes.

The appraisal was delivered by Jones Lang LaSalle (JLL) at the request of special bond counsel McCall, Parkhurst & Horton. JLL said the hotel operated at about 42.8% occupancy in 2024 with an average daily rate of about $162 and that a private-sector buyer could expect current net cash flow in the low millions. "If the determination was made to sell this hotel, undergoing a normal sales process ... we believe that the value is somewhere between $22 and $24,000,000," a JLL presenter told the council.

Why it matters: speakers and several council members said the financing structure — through related local development corporations and revenue bonds rather than direct general-obligation city debt — insulated the project from simple voter review. Multiple speakers during the meeting’s citizens-inquiry period urged approval of charter amendments on the Nov. 4 ballot, especially…