Among
the noteworthy deals of the past week was CDC Houston’s acquisition of the
Houston City Place Marriott from Affinius Capital and Woodbine Development Corp.
HOUSTON
— CDC Houston, a subsidiary of New York City-based Coventry Development
Corp., has acquired the majority stake in the 337-key Houston City Place
Marriott from San Antonio-based Affinius Capital and Dallas-based Woodbine
Development Corp. for an undisclosed amount.
The hotel
was owned by a joint venture of Affinius (formerly the real estate investment
arm of San Antonio-based USAA) and Woodbine Development. CDC Houston bought the
50% stake owned by Affinius and 45% of the stake owned by Woodbine (which was
the asset manager for the property and will keep a 5% stake in the hotel).
Plano, Texas-based Aimbridge Hospitality will continue to operate the property.
CDC Houston assumed the hotel’s existing loan.
The Houston
City Place Marriott opened in 2018 and is part of the 2,000-acre City Place mixed-use
development, which CDC Houston developed.
The
acquisition makes CDC Houston the majority owner of all three hospitality
assets in the City Place development. In late 2022, Coventry Development Corp.
acquired a 90% stake in the 128-key Residence Inn Houston City Place and
125-key Courtyard Houston City Place hotels.
To download
our list of deals from the past week in Excel format, click here.