CoralTree Hospitality, in partnership with its parent company, Lowe, has acquired a controlling interest in the Magnolia Hotels brand from Denver-based Stout Street Hospitality. CoralTree will manage four of Magnolia’s six properties in Denver; Houston; St. Louis; and Omaha, Neb., while licensing the name to the New Orleans and Dallas properties. With the addition of the six new Magnolia Hotels, CoralTree has a portfolio of 22 hotels and resorts throughout the United States.
“CoralTree is committed to purposeful growth,” said Tom Luersen, president of CoralTree. “Magnolia Hotels is a great complement to our mission at CoralTree to work with distinctive, independently minded properties. Magnolia hotels are known for capturing the spirit of the locations in which they operate, which is in alignment with our operational goals to deliver a distinctive guest experience to our group, corporate travel and leisure guests. We look forward to expanding the brand, when appropriate, to other metropolitan markets.”
The Denver, Houston and St. Louis hotels will remain a part of Marriott International's Tribute Portfolio distribution network including access to the Marriott Bonvoy loyalty program.
“For more than four decades, my family has owned and managed hotels throughout the United States including the Magnolia brand which launched in 1995 with the opening of our Denver hotel,” said Sarah Holtze Treadway, president and co-CEO of Stout Street Hospitality. “It’s been a labor of love for all of us to see the brand expand into new destinations over the years. We are confident in CoralTree’s stewardship of the brand as they usher it into its next chapter and look forward to our partnership and pursuing new opportunities together.”
Stout Street Hospitality will continue to asset manage its current portfolio as well as develop and manage future opportunities.
“The CoralTree and Stout Street teams are aligned in many ways from our roots as family-owned businesses to our values and the shared philosophy that every individual hotel should tell a unique story,” said Luersen. “We have both a common culture and similar histories.”
CoralTree is a wholly owned subsidiary of Los Angeles based Lowe, a real estate investment, development and management firm founded nearly 50 years ago by Bob Lowe and now operated by his sons Rob and Mike Lowe. Similarly, Steve Holtze originally formed Stevens Holtze Corp. in 1993 before handing the reins to children Eric Holtze and Sarah Treadway under the Stout Street moniker in 2016.
The Management Portfolio
The brand’s first property, Magnolia Hotel Denver, is located in what was formerly the American National Bank Building and is listed on the National Register of Historic Places. The 297-room property, a member of Marriott's Tribute Portfolio, was restored to reflect its original appearance with terra cotta details and a replicated corner clock. The 13-story landmarked edifice dates back to 1910. The hotel, which opened in 1995, has a lobby lounge, 13,450 square feet of meeting space, a library and a fitness center. The property is located in downtown Denver with easy access to the Colorado Convention Center, Ball Arena, Coors Field, shopping and entertainment along the 16th Street Mall, as well as many other local attractions and businesses.
Magnolia Hotel Houston opened in 2003 in the former Post Dispatch building, which is listed on the National Register of Historic Places. The 314-room Tribute Portfolio property has a fitness center, a rooftop pool and Jacuzzi, a Club Room lounge and billiards area, as well as more than 16,000 square feet of meeting space. The Magnolia is close to Minute Maid Park, the Toyota Center, the Houston Aquarium, Bayou Place and the theater district.
The 145-room Magnolia Hotel Omaha in downtown Omaha is close to the Qwest Center, the historic Old Market, and Orpheum Theatre as well as all the major corporate headquarters and offices downtown. It was named to the National Register of Historic Places in 1974 and has a business center and 8,000 square feet of meeting space.
In downtown St. Louis, the 182-room, 96-year-old Magnolia Hotel is within walking distance of the America’s Center Convention Complex. Listed on the National Register of Historic Places in 1979, the hotel has a restaurant, a fitness center and 8,000 square feet of meeting space. It is also part of the Tribute Portfolio.