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TEXAS CITY, TEXAS — A joint venture between Sports Hospitality Ventures and Lagoon Development Co. will develop the Sports Illustrated Resort at Lago Mar, a 200-room hotel that will be located southeast of Houston in Texas City. The nine-story hotel will feature a variety of suite accommodations and sports-themed amenities, as well as a 12-acre lagoon and a beach club with cabanas, resort services and a swim-up island bar. Construction is scheduled to begin in the third quarter.