Among
the noteworthy deals of the past week was Partners Capital’s acquisition of the
Homewood Suites by Hilton – Houston Galleria.
HOUSTON —
Partners Capital, the investment arm of Houston-based Partners Real Estate, has
acquired the 162-key Homewood Suites by Hilton – Houston Galleria from Warwick,
Rhode Island-based Magna Hospitality for an undisclosed amount.
Following
the World Cup next year, the hotel, which was built in 2006, will have
multi-million-dollar renovations, which will include upgrades to the
guestrooms, public areas and building exterior, as well as the modernization
of several building systems. As part of the sale, Hilton will award a maximum
15-year licensing term to the new owners. The hotel currently has an 84%
occupancy rate.
Adam Lair,
managing director of hospitality investments for Partners Capital, told Hotel
Investment Today that the deal came together quickly and it was great for the
firm to acquire a hospitality asset in its hometown (its headquarters is less
than a mile away from the hotel). Lair spoke to Hotel Investment Today about
the deal, the appeal of Houston as a market and the current hotel M&A
environment.
To download
our list of deals from the past week in Excel format, click here.