Nine Hotels Acquired for Redevelopment

HOUSTON – (Realty News Report) – Lockwood Development Partners has acquired a portfolio of nine hotels, including properties in Houston and Austin for $225 million.

In Houston, a 243-room Crowne Plaza at 9090 Southwest Freeway, near South Gessner Road, was included.

“With many hospitality properties struggling due to the pandemic, my client, Lockwood Development Partners, plans to repurpose these properties and create multi-dimensional assets that will help stimulate the economy and provide essential resources and opportunities to the veteran and senior communities,” said Eddy Nevarez, associate director of Marcus & Millichap’s National Hospitality Division and the exclusive agent for the buyer.

“The repurposed, multifaceted assets will feature a rebranded, eco-friendly, and sustainable hotel operation, affordable multifamily housing and “ghost kitchens,” where local vendors partner with Uber Eats to do business without the upkeep costs of a brick-and-mortar restaurant. In conjunction with the Veteran Affairs’ Mission Act, the properties will also serve as a resource for veterans to receive permanent housing, physical and mental assistance, and other support programs through SarahCare, an organization dedicated to providing resources for seniors.

“With the majority of the assets located in diverse, metropolitan cities such as Austin, Houston, Memphis and Orlando, the properties’ versatility and accessibility will encourage economic growth and opportunities,” added Nevarez. “These unprecedented times have challenged the creativity and proactiveness of my client, but this venture provides relief to the hospitality industry that has been decimated by the pandemic. Phase one of Lockwood Development Partners innovative hotel repurposing initiative serves as a benchmark for future large-scale portfolios, serving as a lifeline by converting struggling hospitality properties into multi-faceted assets that provide opportunities and resources for veterans as well as the community.”

The 1,550,000 SF portfolio of nine hospitality properties in eight states includes:

Crowne Plaza, Memphis, Tennessee, 319 rooms
Crowne Plaza, Austin, Texas, 293 rooms
Clarion Hotel, Orlando International Airport, 335 rooms
Crowne Plaza, Houston, Texas, 243 rooms
Crowne Plaza, Dayton, Ohio, 283 rooms
Crowne Plaza, Reading, Pennsylvania, 259 rooms
Garden Plaza, Marietta, Georgia, 218 rooms
Former Marriott, Jackson, Mississippi, 303 rooms
Crowne Plaza, Tulsa, Oklahoma, 286 rooms

Marcus & Millichap’s brokers of record in Florida, Georgia, Mississippi, Ohio, Oklahoma, Pennsylvania, Tennessee, and Texas are, respectively, Ryan Nee, John Leonard, Mickey Davis, Michael Glass, Mark McCoy, Sean Beuche, Jody McKibben, and Timothy Speck.

For more about Texas real estate, check out the book Houston 2020: America’s Boom Town – An Extreme Close Up by Ralph Bivins. Available on Amazon http://tiny.cc/4a2g6y

Houston 2020 Ebook version https://tinyurl.com/4xm7z8b5

Caption: The Crowne Plaza in Houston, 9090 Southwest Freeway, has been sold.

File: Nine Hotels Acquired for Redevelopment

File: (2). Lockwood Development Partners. Nine Hotels Acquired for Redevelopment. Marcus Millichap. Crowne Plaza