Wednesday September 25th, 2013 - 12:12PM
HOUSTON—Privately-held Cascade Investment today announced the acquisition of Four Seasons Hotel Houston. Financial terms were not disclosed.
Cascade is buying the asset from Maritz, Wolff & Co. who has owned it since 2000. The transaction is anticipated to close on October 1, 2013. Located in Houston’s business and financial district, the hotel features 404 rooms and suites and 64 rental apartments.
Under the new ownership, Four Seasons Hotel Houston will continue to be managed by Toronto-based Four Seasons Hotels and Resorts, which is owned jointly by long-term shareholders Cascade Investment, Kingdom Holding Company and Triples Holdings.
“We have great faith in Houston, particularly with its strong role in the global energy business,” stated Michael Larson, CIO of Cascade Investment. “Likewise, because we are very confident in the new executive leadership at Four Seasons Hotels and Resorts and the exceptional in-place management team at this property, along with the enduring value of the Four Seasons brand, we see a compelling real estate investment opportunity here. We look forward to Four Seasons Houston continuing as the local market leader and maintaining its unique position in the Houston community.”