Inland American Real Estate Trust Buys Two Westin Hotels
Thursday August 29th, 2013 - 9:50AM EBA
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HOUSTON--Inland American Lodging Group, Inc. acquired two Westin hotels, located in Houston’s Galleria District, for approximately $220 million.
The 24-story Westin Galleria includes 487 rooms and over 71,000 sq. ft. of meeting space. The Westin Oaks Houston at the Galleria offers 406 rooms on 21 floors as well as 23,500 sq. ft. of meeting space, including a 4,500-sq.-ft. 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,” Marcel Verbaas, president and CEO, Inland American Lodging Advisor, Inc., said in a statement. “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.
Tags: • Hospitality • Amenities • Brands • Acquisitions •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.