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Crowne Plaza Hotel in Downtown Houston Sold to Hotel REIT

HOUSTON – The 259-room Crowne Plaza Houston Downtown Hotel, 1700 Smith Street, has been sold for $30.7 million in cash, plus other consideration, according to the buyer, Southerly Hotels Inc. The hotel is expected to have 72 percent occupancy rate in 2013, with an average daily rate of $134.50, room revenue per available room (“RevPAR”) of approximately $96.80. The hotel, ... Read More »

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