A joint enterprise between Lowe and an institutional investor has obtained 3 hospitality belongings from The Howard Hughes Corporation situated in The Woodlands, a 28,500-acre grasp-prepared group in the higher Houston space. The Woodlands Resort The Westin at The Woodlands and Embassy Suites by Hilton, The Woodlands at Hughes Landing were purchased for $252 million and will go on to be managed by Lowe’s hospitality management subsidiary, CoralTree Hospitality, which took more than management of the attributes in September 2020. Lowe will immediately start off a $25 million cash investment software at the three hotels, totaling 909 rooms.
“The Woodlands lodge portfolio acquisition is regular with our broader hospitality investment decision technique that targets high quality, total-services resorts and resorts that attract considerable leisure travel, but also cater to corporate and group business,” reported Mike Lowe, co-CEO, Lowe. “Located in a higher-expansion Houston submarket with solid desire and persuasive demographics, the hotels and resort draw from multiple demand from customers segments captivated by the attractive place, lakes, outside recreation and appreciable amenities inside The Woodlands. Company has developed steadily more than the past five a long time and the motels have weathered the downturn and are rebounding strongly.”
With this sale, Howard Hughes has properly closed on close to $376 million of the qualified $600 million net proceeds in the sale of non-main belongings outlined two a long time back. “The sale of our lodge assets in The Woodlands even further innovations the disposition of non-main assets as outlined in our 2019 strategic initiative,” claimed David R. O’Reilly, CEO, The Howard Hughes Corporation. “Lowe is acknowledged for its leading good quality support in the hospitality sector, and we are pleased to have located a purchaser who shares our commitment to delivering website visitors to The Woodlands with a most effective-in-class customer expertise.”
The Woodlands Resort
Designed in 1974, The Woodlands Vacation resort is the original hotel in The Woodlands local community. The residence has 402 rooms, as properly as the Forest Oasis waterpark with a 1,005-ft. Lazy River and 30-ft. waterslide and 90,000 sq. ft. of meeting area. Lowe and its lover intend to make a sizeable money financial commitment to redevelop and incorporate new amenities. A essential prepared enhancement is the prime-to-base redevelopment of the current 10,000-sq.-ft. spa, which will consist of the repositioning of the spa pool with renovated indoor and outside spaces. In addition, the exercise facility will be expanded and modernized. The vacation resort will also go through a transformation of the eating and bar choices, together with a waterside foyer bar and the addition of a gourmand get-and-go market place and common retail store, complementing the just lately done repositioning and redesign of Back Table Kitchen + Bar.
The Westin at The Woodlands
The 302-space Westin at The Woodlands, crafted in 2016, includes a 24-hour conditioning facility a rooftop infinity pool, cabanas and firepit in-room therapeutic massage a lot more than 28,000 sq. ft. of meeting and celebration room and three F&B retailers. Lowe and its partner will spend in a number of home updates such as the guestrooms the assembly and conference room and community areas.
Embassy Suites by Hilton, The Woodlands at Hughes Landing
The 205-home Embassy Suites by Hilton, The Woodlands at Hughes Landing, created in 2015, features a enterprise centre, conditioning facility, rooftop pool with views of Lake Woodlands and 3,500 sq. ft. of group and event house. Lowe plans to refresh guestrooms and up grade some constructing methods. Positioned in Hughes Landing—a 79-acre upscale combined-applied progress within The Woodlands local community on the shore of Lake Woodlands—the resort delivers the Embassy Suites signature complimentary evening reception and manufactured-to-buy breakfast.
The Lowe venture was represented by Greenberg Traurig, while K&L Gates furnished legal counsel to The Howard Hughes Corporation. CBRE and JLL represented the seller in the transaction.