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HOUSTON - A multimillion-dollar renovation is underway on the 14-story Hotel Derek, a 312-room boutique hotel located at 2525 West Loop S. in the Galleria area.

Lowe Enterprises Investors acquired the hotel in June 2012. At the time, the real estate investment and management firm said it planned to invest at least $4.5 million in updating the property.

The project is expected to be completed in March 2013. The hotel is the third-largest boutique hotel in the Houston area.