Archive for ‘Hospitality’

March 25, 2013

Hotel REIT Buys Old Humble Oil Building in Houston

HOUSTON – RLJ Lodging Trust acquired the historic Humble Oil Building complex in downtown Houston for $79.5 million  or  $151,000 per room for what will become three Marriott related hotels.

The Humble Oil Building is a three-tower complex that occupies an entire city block at 1212 Main Street. The complex consists of an 82-unit apartment tower that will be converted to a 166-room SpringHill Suites and two existing hotels, a 191-room Courtyard  and a 171-room Residence Inn.

“Our ability to execute this off-market transaction required the expertise, experience, and relationships that are unique to RLJ,” commented Thomas Baltimore, Jr., President and CEO of the Bethesda, Md.-based firm. “Acquiring the Humble Oil Building complex represents a value-add opportunity.”

The building was constructed in the 1920s.  It’s only a few blocks from the 45-story Exxon Mobil building which was purchased a few months ago by Shorenstein Properties.

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January 21, 2013

Hotel Planned for Westchase Area of Houston

HOUSTON -  A prominent site in the Westchase District of west Houston, where a number of energy firms have been expanding, has been purchased for hotel construction.

Hans Lindberg has purchased 2.3 acres of land located at the northwest corner of Westpark and Beltway 8 from Serena Holdings LLC  for the construction of  four-story, 121-room TownePlace Suites by Marriott.  Mark Davis of Davis Commercial Real Estate represented the seller of the tract, located on a corner with significant traffic.

Several office buildings are under development in Westchase, including a new headquarters for Phillips 66.

May 23, 2012

Historic St. Anthony Hotel of San Antonio Sold

SAN ANTONIO – The St. Anthony Hotel, a 352-room, historic hotel in San Antonio, has been purchased by San Antonio-based BC Lynd, which will spend $24 million to renovate the 103-year-old property. The St. Anthony Hotel is located at 300 East Travis Street at the intersection of Navarro Street in downtown San Antonio.  The 10-story property offers 22 meeting rooms totaling more than 33,000 square feet. It has been a Wyndham, but it will be rebranded with as a Starwood Luxury Collection property.

The HFF team representing the seller was led by senior managing director Bill Stadler and managing director John Bourret.

BC Lynd integrates The Lynd Companies’ management infrastructure and proprietary technology systems with the extensive hospitality experience of BC Commercial Partners.

 

January 1, 2012

Houston Proposing Hotels and Expansion to Convention Complex

By Ralph Bivins

HOUSTON – A major expansion to Houston’s downtown convention center district calls for the construction of three new hotels, a new wing to the George R. Brown Convention Center and other new development, according to a report in the Houston Chronicle.

Houston First, an organization supported hotel tax and tourism revenue, is promoting the plan. Houston First could support the hotel developers with financing and land purchases, the newspaper said.

The leaders of Houston and Harris County have operated with a bifurcated approach to the convention industry in Houston. Houston has two convention centers. The 700,000-square-foot Reliant Center is located next to the Astrodome and the 1.2 million square foot George R. Brown Convention Center is located in downtown Houston, over five miles away. 

Considered  as  single stand-alone complexes, Houston’s convention facilities have been deemed too small to handle many large conventions. A satisfactory rationale for spending millions for dual, overlapping convention facilities has not been fully articulated by elected officials.  Building one large convention center, instead of two smaller inadequate ones, may have been wiser public policy.

A shortage of convention hotels rooms has been another hurdle for the city’s convention business.  The Hilton Americas is the biggest part of the downtown hotel inventory and a smaller Embassy Suites opened nearby in 2011. But Houston lags behind the convention arsenal of cities like San Antonio, which has more downtown hotel rooms and a thriving convention industry.  Austin is moving forward with plans for downtown hotel development also.

Ultimately, Houston’s image problems may prevent it from stepping up to the top tier of convention cities. However, Houston First, has strong leadership in place: Ric Campo, who leads Camden Property Trust, one the nation’s largest apartment REITs, serves as chair of Houston First. 

Ralph Bivins, is founding editor of RealtyNewsReport.com, and a former president of the National Association of Real Estate Editors.

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