Julian Buffam and Jeremy Buffam—partners at hotel investment, development and management company New Castle Hotels & Resorts—acquired the 55-room LaSalle Hotel in Bryan, Texas, from L3 Hospitality.
Built in 1928, the hotel was added to the National Register of Historic Places in 2000. Following an interior and exterior renovation of the property, the LaSalle will join the Marriott Tribute Portfolio. Municipal incentives from the city of Bryan and historic tax credits will help support projected capital improvements of $110,000 per key.
Bryan is at the epicenter of Texas’ five major metropolitan areas—Dallas, Fort Worth, Houston, Austin and San Antonio—and is adjacent to College Station, home to Texas A&M University.
“New Castle has a long history of acquiring historic hotels and repositioning them for new generations of travelers,” Jeremy Buffam said in a statement. “The LaSalle fits this model precisely and Marriott’s Tribute flag is the perfect branding affiliation for a cherished small-city treasure. The building is architecturally significant and has great bones, and when you add in the city’s warm welcome and partnership, we believe it is a winning combination.”
“This partnership ensures that the LaSalle, a critical historical asset in downtown Bryan, is preserved and celebrated,” Bryan Mayor Andrew Nelson added. “It is a testament to how far we’ve come to build the birthplace of Aggieland into a thriving, culturally rich destination for years to come.”
“The overall market fundamentals for Bryan/College Station are very strong,” said Julian Buffam. “Hotel performance is well above 2019 and we are confident that these numbers are not temporary; many similarly situated hotels in the market are having phenomenal years. In addition, the city has invested heavily in developing Bryan as a recognized cultural arts district, which plays very well with a historic boutique hotel of this quality.”
The LaSalle, which has a subterranean speakeasy (5 Knocks) and a lobby-level bar/restaurant (Downtown Elixir and Spirits), will operate as an independent hotel through fall of 2023.