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 •
For the past few years, the talk of The Lodging Conference in Phoenix had been focused on the economic recovery, solid industry projections and “cautious optimism.” With the word cautious no longer necessary, the economic outlook took a backseat this year to the seemingly unending parade of new lifestyle brands.