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Category Archives: Hospitality

Work Begins on 1.1 Million SF Hotel/Apartment Tower Near Medical Center

HOUSTON – Medistar Corp. has started construction on a 21-story, 353-room InterContinental Hotel and a Greystar apartment tower at 6750 Main St., across from the Texas Medical Center. Medistar, a Houston firm led by Monzer Hourani, is developing the project in partnership with TRC Capital Partners, which was formerly known as Redstone. PCCP LLC provided $73.1 million in construction financing. ... Read More »

Hines Begins Construction on Conrad Hotel in Washington

WASHINGTON – Construction has started on the Conrad Washington, D.C., a 360-room hotel with 30,000 SF of ground-floor retail space at CityCenterDC, a 10-acre mixed-use project being developed by Hines and Qatari Diar. The hotel is the seventh building developed by Hines and Qatari Diar at CityCenterDC., a project that covers more than four city blocks bounded by New York ... Read More »

Historic Downtown Houston Office Building to be Transformed into AC Marriott Hotel

HOUSTON – Boxer Property has sold a 102-year-old building on Main Street in downtown Houston to a group that will redevelop it into an AC Hotel by Marriott.  The 10-story, 92,000-SF building, 723 Main at Rusk, was sold to an affiliate of Dallas-based Newcrest Image, which is being assisted by Houstonian Bill Franks in the redevelopment. The building, known as ... Read More »

Millennials Disrupt Hotel Industry

NEW ORLEANS – The U. S. hospitality sector continues to grow, but financing is becoming harder to obtain and Millennials are influencing the design of new properties, leaders of the industry told attendees at the 50th annual National Association of Real Estate Editors real estate journalism conference in New Orleans this week In today’s difficult economic environment, hospitality entrepreneurs must ... Read More »

Elandis Buys 1,000 Units in Houston in Its Quest for Sunbelt Multifamily

(By Dale King) HOUSTON – A South Florida real estate company formed a month ago has taken a major step into the Houston rental market, acquiring nearly 1,000 workforce dwelling units for renovation into improved, but still affordable, housing, said a company executive. The firm, Elandis, based in Coral Gables near Miami, spent $50 million to secure 984 units in ... Read More »

Austin Hotel REIT Buys Hotel in Las Colinas for $10.5 Million at 7.7 Percent Cap Rate

IRVING, Texas – Austin-based Summit Hotel Properties sold its 128-room Holiday Inn Express & Suites located in the Las Colinas project in Irving, near Dallas for $10.5 million. The sales price represents a capitalization rate of 7.7 percent on the hotel’s net operating income, including planned capital improvements, for the trailing twelve months ended March 31, 2016. “We are very pleased to have sold this ... Read More »

Valencia has Discovered a New Hotel Development Niche that Others May Soon Imitate

HOUSTON – Houston-based hospitality firm Valencia Group believes it has found a niche for further hotel expansion: college towns. The firm — which is building the luxury Hotel Alessandra Houston downtown in partnership with Midway — is positioning properties near universities such as Texas A&M, explains Valencia Executive Vice President John Keeling. “College Station is one of the strongest college ... Read More »

Oil’s Impact on Houston Hotel Development: The Q&A with Randy McCaslin

Houston’s lodging sector remains relatively strong, particularly with billions in petrochemical plants under construction in East Houston, expansions at the Texas Medical Center, last year’s opening of the Southwest Airlines International terminal at Hobby Airport and the 2016 NCAA Men’s Final Four. Next year Houston hosts the Super Bowl, which will further buoy the hospitality market. Where is the hotel ... Read More »

A Ritz-Carlton, Perhaps? – Simon Plans 30-Story Hotel/Condo Tower in The Galleria Complex

HOUSTON – Simon Property Group says it will move ahead with its plan to build a 30-story hotel and condo tower, probably similar to a Ritz-Carlton hotel/condo tower, in The Galleria in Houston. The hotel will be built on the site of a former Macy’s, along Sage Road on the western side of Galleria, a massive mixed-use development conceived by ... Read More »

New Westin Adds to Hotel Inventory in The Woodlands

HOUSTON – A new Westin has opened, adding to the hotel inventory in The Woodlands. The Westin at The Woodlands opened its doors in Town Center this month. The 302-room hotel is located at 2 Waterway Square Place. The Howard Hughes Corp., parent of The Woodlands Development Co., said it has completed 913 hotel rooms in The Woodlands over the ... Read More »

Florida Group Buys Sheraton Hotel near Houston Airport

HOUSTON – The Ecclestone Organization has acquired the 419-room Sheraton North Houston at George Bush Intercontinental Airport. The 10-story hotel, 15700 JFK Boulevard, was built in 1982. Ecclestone, based in West Palm Beach, Fla., purchased the hotel from a joint venture of Driftwood Hospitality and Apollo Global. The seller was represented by HFF’s Dan Peek, John Bourret and Colby Mueck. ... Read More »

Transwestern to Lease the 40-Story KBR Tower in Downtown Houston’s Cullen Center

HOUSTON – Transwestern will lease the 40-story KBR Tower and the 20-story 500 Jefferson buildings in downtown Houston. Combined, the two buildings have 1.4 million SF of office space. The buildings, which are part of the Cullen Center complex, are owned by W.P. Carey. Michelle Wogan and Paula Musa of Transwestern will handle the assignment. The KBR Tower, located at ... Read More »

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