Brookfield Property Partners is acquiring the DoubleTree Houston Hotel, with plans to reposition and transform the hotel as part of a major development at the city’s Allen Center, which is currently underway.
“At Brookfield we are focused on creating active, diverse destinations in leading cities throughout the world, and our vision for Allen Center in Houston is the latest example,” said Paul Frazier, EVP and head of the Houston region for Brookfield. “Owning the hotel is a tremendous asset to Allen Center. We look forward to repositioning the hotel so it is aligned with the $48.5-million investment already underway, and will explore ways to evolve the hotel into a hospitality destination which adds to the vibrant art, green space and office spaces currently being created at Allen Center.”
The DoubleTree Houston Hotel is located on Dallas Street, and is immediately adjacent to the Allen Center in downtown Houston’s central business district. In June 2016, Brookfield began a $48.5-million transformation of the Allen Center complex into a mixed-use destination. The seven-acre site, located at the southwest corner of Smith and Dallas Streets, is comprised of three office buildings.
These buildings will be completely renovated, and the transformation will also encompass an update of the existing exterior and the areas around and between the buildings, including the creation of an open-air performance and event venue and landscaped public plaza.