HOTELS

Lowe Joint Venture Acquires Three Hotels In The Woodlands® From The Howard Hughes Corporation® | Texas News

THE WOODLANDS, Texas, Sept. 16, 2021 /PRNewswire/ — A joint undertaking between Lowe and an institutional investor declared today its acquisition from The Howard Hughes Corporation® (NYSE: HHC) of 3 hospitality property found in The Woodlands®, a 28,500-acre award-winning learn prepared community in the greater Houston space. The Woodlands Resort The Westin at The Woodlands and Embassy Suites by Hilton, The Woodlands at Hughes Landing ended up acquired for $252 million and will proceed to be managed by Lowe’s hospitality administration subsidiary, CoralTree Hospitality, which took over management of the homes in September of 2020. Lowe will right away commence a $25 million capital expenditure program at the three resorts, totaling 909 rooms.

The Woodlands hotel portfolio acquisition is regular with our broader hospitality financial commitment approach that targets top quality, total-company inns and resorts that draw considerable leisure travel, but also cater to company and group small business. Situated in a substantial-advancement Houston submarket with robust need and persuasive demographics, the hotels and vacation resort attract from a number of demand segments captivated by the attractive location, lakes, out of doors recreation and significant features inside of The Woodlands. Small business has grown steadily over the past 5 yrs and the resorts have weathered the downturn and are rebounding strongly,” claimed Mike Lowe, co-CEO of Lowe. 

With this sale, Howard Hughes has successfully closed on about $376 million of the focused $600 million internet proceeds in the sale of non-main assets outlined two decades ago. “The sale of our hotel property in The Woodlands further more improvements the disposition of non-core assets as outlined in our 2019 strategic initiative,” stated David R. O’Reilly, CEO of The Howard Hughes Corporation. “Lowe is regarded for its foremost high-quality assistance within just the hospitality industry, and we are pleased to have uncovered a customer who shares our determination to furnishing visitors to The Woodlands with a finest-in-class buyer knowledge.”

The Woodlands Vacation resort

Constructed in 1974, The Woodlands Resort is the authentic hotel in The Woodlands master prepared neighborhood. The AAA 4-Diamond home is an desirable vacation resort with 402 rooms in a attractive, expansive normal environment with a lot of powerful facilities together with the loved ones-oriented Forest Oasis waterpark with its 1,005-foot Lazy River and 30-foot waterslide, 90,000 square toes of meeting house and a wide array of resort amenities. To even further the resort’s attractiveness and marketplace position, Lowe and its associate intend to make a important money financial investment to redevelop and incorporate new services. A vital planned enhancement is the major-to-base redevelopment of the existing 10,000-sq.-foot spa, which will consist of the repositioning of the spa pool with renovated indoor and out of doors areas to provide a calming retreat. In addition, the physical fitness facility will be expanded and modernized to greatly enhance the wellness method. The vacation resort will also bear a transformation of the eating and bar solutions which include a waterside foyer bar and the addition of a gourmet seize-and-go marketplace and standard store, complementing the not long ago finished repositioning and redesign of Back again Desk Kitchen + Bar to offer a much more desirable and modern day dining knowledge.

In addition to staying just one of the area’s leading leisure locations, The Woodlands Vacation resort is the region’s premier meeting area with 60,000 square toes of indoor group and social house including a 13,430-square-foot grand ballroom. The 28,000 square toes of outdoor event place has an unparalleled site overlooking Lake Harrison. The Forest Deck will be drastically enhanced to give a unique outside location for team meetings, receptions and weddings. The Woodlands Vacation resort also functions a extensive community of going for walks and biking trails and obtain to two championship golfing classes and a world-course tennis centre. 

Embassy Suites by Hilton, The Woodlands at Hughes Landing

The 205-room Embassy Suites by Hilton, The Woodlands at Hughes Landing, designed in 2015, delivers a small business centre, physical fitness facility, rooftop pool with sights of Lake Woodlands, and 3,500 sq. ft of group and event room. Lowe plans to refresh visitor rooms and up grade some making systems to maintain its very best-in-class posture in just the Embassy Suites model. Found in Hughes Landing—a 79-acre upscale mixed-utilised enhancement within The Woodlands community on the shore of Lake Woodlands—the lodge is proximate to a lively blend of purchasing, enjoyment, eating and companies as effectively as boat rentals. The lodge gives the typical visitor providers that Embassy Suites is known for—a complimentary evening reception and designed-to-get breakfast.

The Westin at The Woodlands

The 302-area Westin at The Woodlands, created in 2016, is a AAA Four-Diamond home that delivers fashionable features and facilities such as a 24-hour exercise facility, a rooftop infinity pool, cabanas and firepit, in-room massage, extra than 28,000 sq. feet of conference and event space, and 3 food items and beverage outlets. Lowe and its companion will invest in quite a few house updates together with the guest rooms, the meeting and meeting house, and community areas.

The modern day hotel overlooks Waterway Square—a just one-acre community plaza with captivating drinking water functions and eco-friendly spaces that provide as the centerpiece of The Woodlands—and sits just techniques from upscale browsing, great eating and environment-class entertainment.

The Woodlands is a 28,500-acre group situated 27 miles north of Houston’s central company district. Considering the fact that its inception in 1974, it has been amid the most profitable developments of its variety in the United States. Continuously identified as 1 of the very best areas to live in the nation, The Woodlands is a flourishing business local community with a important presence by 13 Fortune 500 organizations and provides extra than 24 million square feet of office environment, retail and hospitality, together with 7,665 acres of open up green house, 220 miles of connected hike and bicycle trails, and 151 parks.

The Lowe venture was represented by Greenberg Traurig although K&L Gates delivered legal counsel to The Howard Hughes Company. CBRE and JLL represented the vendor in the transaction.

ABOUT LOWE

Los Angeles-centered Lowe, formerly recognized as Lowe Enterprises, is a primary nationwide true estate investment decision, improvement and management agency. Around the earlier 49 decades, it has formulated, acquired or managed more than $32 billion of authentic estate property nationwide as it pursued its mission to construct price in serious estate by generating impressive, long lasting environments and meaningful experiences that connect folks and put. Lowe presently has more than $2 billion in commercial real estate projects in the pipeline or below progress. In addition to its Los Angeles headquarters, Lowe maintains regional workplaces in Southern California, Northern California, Charleston, Denver, Seattle, and Washington, DC. Lowe’s hospitality affiliate, CoralTree Hospitality, operates many hotel and resort attributes throughout the U.S. Lowe’s business house functions affiliate, Hospitality at Work®, provides hospitality- motivated residence management services to office environment structures nationwide. For more facts pay a visit to www.Lowe-RE.com    www.hospitality-perform.com    www.coraltreehospitality.com

ABOUT THE HOWARD HUGHES CORPORATION®

The Howard Hughes Corporation owns, manages and develops professional, household and combined-use true estate all over the U.S. Its award-profitable belongings involve the country’s preeminent portfolio of grasp prepared communities, as effectively as working qualities and improvement possibilities including: the Seaport in New York Town Downtown Columbia®, Maryland The Woodlands®, The Woodlands Hills®, and Bridgeland® in the Increased Houston, Texas area Summerlin®, Las Vegas and Ward Village® in Honolulu, Hawaiʻi. The Howard Hughes Corporation’s portfolio is strategically positioned to satisfy and accelerate development dependent on sector desire, resulting in one particular of the strongest actual estate platforms in the region. Devoted to ground breaking placemaking, the organization is identified for its ongoing determination to layout excellence and to the cultural daily life of its communities. The Howard Hughes Corporation is traded on the New York Inventory Trade as HHC. For additional info visit www.howardhughes.com.  

ABOUT CORALTREE HOSPITALITY  

Introduced in December 2018, CoralTree Hospitality is a wholly-owned subsidiary of Los Angeles based Lowe, a serious estate expense, administration and advancement organization. Colorado-based CoralTree delivers distinct, unforgettable activities that rejoice the surroundings, tradition and community of each assets. CoralTree was named among the best 20 lodge management organizations in the U.S. immediately after only one particular year of operation by Resort Business magazine. The enterprise provides internet marketing licensing, hospitality, and asset administration solutions to 22 hotels and resorts in the United States. The collection incorporates independent, branded and gentle-branded houses this sort of as Terranea Vacation resort on the Southern California coastline, Resort Lincoln in Chicago, The Woodlands Resort in Houston, Suncadia in Cle Elum, Washington and the new Eddy Taproom & Lodge in Golden, Colo. The corporation also is overseeing the creation of the Lake Nona Wave Hotel in Orlando, Florida, which is scheduled to open in late 2021. For much more data on CoralTree, visit www.CoralTreeHospitality.com

Contacts:

Lowe

Karen Diehl, 310-741-9097

Diehl Communications

[email protected]

The Howard Hughes Company

Cristina Carlson, 646-822-6910

Senior Vice President, Head of Company Communications

[email protected]

For HHC Investor Relations

Correne S. Loeffler, 281-929-7787

Main Economical Officer

[email protected]

Look at authentic articles to down load multimedia:https://www.prnewswire.com/news-releases/lowe-joint-enterprise-acquires-a few-resorts-in-the-woodlands-from-the-howard-hughes-corporation-301378261.html

Source The Howard Hughes Company