John Capone, Richfield's vice president of sales and marketing, says the company is examining other potential opportunities in the region although nothing is ready to sign at this time. "We feel that Houston has always been a strong market," he tells GlobeSt.com. "It has a great base, with various types of demand."

In an effort to tap into that demand for its newest property, Richfield is spearheading a $4.5-million to $5-million renovation of all parts of the hotel. "Our renovation scope involves the exiting structure and facilities," Capone says. "We expect it to be concluded during the first quarter of 2006."

Capone says some space will be redeployed and reconfigured as well with the renovation. The goal of the refurbishment, he says, is to re-attract various demographics to the hotel. "We're looking to attract corporate and meeting groups and to do a great deal of social catering in this hotel," he says.