Banyan Investment Group acquired the Courtyard by Marriott Houston Pearland from an affiliate of CBL Properties. The five-story hotel, to be operated by Banyan, includes 110 guestrooms, meeting space for up to 60 people, a restaurant serving breakfast and dinner, a Starbucks, a 24-hour fitness center, an outdoor pool and a business center.
“We continue to seek institutional-quality assets, such as the Courtyard by Marriott Houston Pearland, in major markets with numerous demand generators,” Andy Chopra, founding principal and chief investment officer of Banyan Investment Group, said in a statement. “The hotel requires minimal capital expenditures, and we are confident the property will achieve its economic objectives with immediate cash flow.”
The hotel is located within the 937,000-square-foot Pearland Town Center, a mixed-use development that includes 140 stores, 50,000 square feet of office space and a 234-unit apartment building. It is within 15 minutes of NRG Stadium and 20 minutes of the Texas Medical Center, downtown Houston and William P. Hobby International Airport.
“Home to some of America’s largest corporations, including Philips 66 and Sysco, Houston is well on its way to becoming the third largest city in the United States,” Chopra said. “We appreciate the economic diversity provided by South Houston’s submarkets, and Pearland particularly stood out due to its standing as the fastest growing suburb in one of the fastest-growing [metropolitan statistical areas] in the country.”