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.
“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.