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Two Westin Hotels in Houston Sold for $220 Million

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August 30, 2013

Two Westin Hotels in Houston Sold for $220 Million

The 24-story Westin Galleria includes 487 rooms and over 71,000 square feet of meeting space. The Westin Oaks Houston at the Galleria offers 406 rooms on 21 floors as well as 23,500 square feet of meeting space, including a 4,500-square-foot banquet space overlooking the Houston skyline.

?The acquisition of these outstanding properties, the only hotels connected to the acclaimed Galleria Mall complex, is an exciting step in our ongoing strategy to enhance our portfolio of upper-upscale hotels? 

Westin Oaks Houston at the Galleria?The acquisition of these outstanding properties, the only hotels connected to the acclaimed Galleria Mall complex, is an exciting step in our ongoing strategy to enhance our portfolio of upper-upscale hotels,? said Marcel Verbaas, president and CEO, Inland American Lodging Advisor, Inc. ?The Houston lodging market has continued to outperform the majority of the country, positioning these recently-renovated properties for strong returns going forward.?

Both hotels recently underwent renovations totaling $35 million. The properties will continue to be managed by Starwood Hotels & Resorts Worldwide, Inc.

The Galleria is a premiere upscale dining, retail and office destination. In addition to the hotels, The Galleria mixed-use complex includes three office towers, a private fitness club and a retail complex. Totaling over three million square feet, the retail component forms the largest mall in Texas and one of the 10 largest malls in the United States.

Inland American Lodging Advisor, Inc., located in Orlando, FL, focuses on acquiring and managing a diversified portfolio of lodging properties on behalf of Inland American Real Estate Trust, Inc. Inland American Lodging Advisor, Inc. currently oversees 91 hotels with 17,530 rooms branded under various Marriott, Hilton, Starwood, Hyatt, Fairmont, and IHG brands that are managed either by the brand managers or independent third-party management companies.

Source Hotel News Resource

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