HOUSTON – (Realty News Report) – The 354-room InterContinental Houston at 6750 Main St., adjacent to the Texas Medical Center, has been acquired by Stockdale Capital Partners, a Los Angeles-based real estate investment firm.
The 21-story InterContinental Houston, which opened in 2019, was developed by Medistar Corp. in partnership with TRC Capital Partners.
The hotel is located on the west side of Main Street, just south of Rice University and north of Holcombe Boulevard.
Stockdale Capital expects to the hotel to receive a significant number of stays from the neighboring Texas Medical Center, a 1,345-acre complex that is considered the largest medical center in the world. Some 120,000 people are employed at the medical center, which has 50,000 life science students enrolled at various institutions. Yearly, over 26,000 babies are born at the Texas Medical Center and 13,600 heart surgeries are performed.
The InterContinental Houston’s amenities include Safina Restaurant, The Naturalist Café and Lounge, 18,000 SF of meeting space and an outdoor swimming pool.
The InterContinental Houston is the only InterContinental-branded hotel in Space City. The hotel is part of the massive IHG Hotels & Resorts organization, which also has the Holiday Inn brand and other prominent hospitality properties.
In its initial years of operation, the InterContinental has a “strong track record of success,” said Bill Doak, Managing Director, Hospitality for Stockdale Capital Partners. “Stockdale Capital Partners continues to be well-positioned as the travel and hospitality sector makes a strong recovery.”
The InterContinental, one of the few upscale hostelries in the Medical Center area, was quoting an online rate of $180 for the night of Sept. 29. The nearby Hotel Zaza, 5701 Main Street, quoted an online rate of $280 for the night of Sept. 29. A number of extended stay and select-service hotels have been built in the area.
The InterContinental is not the only development completed around that location by Medistar Group, a Houston-based firm led by Monzer Hourani.
Next door to the hotel, a 375-unit apartment tower, which features micro-units under 400 SF, was developed by a Greystar/Medistar partnership. The 35-story multifamily development is called Latitude Med Center.
A couple of blocks away Medistar Corp. and Healthcare Trust of America recently developed Horizon Tower, a life sciences and medical building that is cementing a significant presence for Texas A&M University adjacent to Houston’s Texas Medical Center. The 30-story Horizon Tower, which was slated for delivery in 2023, includes 17 stories of life sciences and medical space atop a 13-story, 2,700-space parking structure, as well as 15,000 SF of ground-floor retail.
Sept. 29, 2023 Realty News Report Copyright 2023
Image: Courtesy Medistar
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File: Stockdale Buys Upscale Houston Hotel