HREC arranges sale of Houston-area Crowne Plaza

HREC Investment Advisors has arranged the sale of the 294-room Crowne Plaza Houston Northwest Brookhollow located in Houston, Texas. The buyer, Unique Hotel Management Group, is a regional hotel investor; the seller is a Special Servicer that acquired the hotel through foreclosure.

Mike Armstrong, HREC Principal, and Hank Wolpert, HREC Vice President, represented the seller during the transaction.

“The Crowne Plaza received significant investor interest due to the strong location and the tremendous repositioning opportunity. The new owner is planning a multi-million dollar renovation which will include interior and exterior upgrades. After completing the property improvement plan, the hotel will remain a Crowne Plaza and will be well-positioned to achieve significant upside,” commented Mike Armstrong.

Virtual Event


Survival in these times is highly dependent on a hotel's ability to quickly adapt and pivot their business to meet the current needs of travelers and the surrounding community. Join us for Optimization Part 2 – a FREE virtual event – as we bring together top players in the industry to discuss alternative uses when occupancy is down, ways to boost F&B revenue, how to help your staff adjust to new challenges and more, in a series of panels focused on how you can regain profitability during this crisis.

“We received multiple offers from both domestic and international buyers, who obviously believe in the continued long-term outlook and strength of the Houston market and in Texas. The recent noise about energy prices did not have any impact in the interest level or pricing,” added Hank Wolpert.

The hotel is located in Brookhollow in northwest Houston on U.S. Highway 290 and is within a short drive to Houston’s Energy Corridor.

Suggested Articles

The company intends to raise $100 million from investors to source mezzanine loan and preferred equity transactions in the hospitality sector.

With the transfer of 103 management and branding contracts, Sonesta's portfolio has more than doubled.

Airbnb has confidentially filed with the Securities & Exchange Commission to go public, with the number of shares and price range yet to be revealed.