CDC Houston, a subsidiary of Coventry Development Corporation, announced that one of its managed entities has acquired the majority stake in the 337-room AAA Four Diamond Houston City Place Marriott.
One of the north Houston submarket’s top performing full-service hotels, the property is located in the urban core of the approximately 2,000-acre City Place community, master developed by CDC Houston.
The purchase of JV partner Affinius Capital’s (formerly the real estate investment arm of USAA) entire 50% share brings the Coventry Development Corporation entity ownership stake to 95%. The remaining 5% was retained by JV partner and asset manager Woodbine Development Corporation, the Dallas-based developer of the property. Terms of the transaction were undisclosed, and Plano, TX-based Aimbridge Hospitality will continue to operate the hotel.
The investment makes Coventry Development Corporation (and its affiliated entities) the majority owner of all hospitality assets in City Place, which is situated at the juncture of I-45, Grand Parkway and the Hardy Toll Road in close proximity to George Bush Intercontinental Airport (IAH). In late 2022, Coventry Development Corporation announced the acquisition of a 90% stake in the community’s two additional hotels, the 128-key Residence Inn Houston City Place and 125-room Courtyard Houston City Place.
“The Houston City Place Marriott is a wonderful asset that continues to achieve success as a hub for corporate travel, visitors, locals and groups – and an increasingly beautiful backdrop for weddings and other outdoor events,” said Warren W. Wilson, Executive Vice President of CDC Houston. “Our new role as majority owner reflects our long-term commitment to City Place and realizing our vision for an exceptional, sustainable community.”
Designed by Gensler and unveiled in October 2018, the Houston City Place Marriott is situated in the heart of the community’s 60-acre, mixed-use urban core. The ten-story structure overlooks waterfront City Place Park and opens to The Plaza, an activated greenspace offering an annual calendar boasting hundreds of mostly free, family-friendly activations ranging from yoga and fitness classes to concerts, movie nights and seasonal celebrations.
Guests are located within a short walk of major City Place employers, including ExxonMobil, the American Bureau of Shipping and Hewlett Packard Enterprise, and steps from miles of hike and bike trails, a variety of food and beverage options, coworking operator Common Desk, dine-in theater Star Cinema Grill, 24 Hour Fitness Spring Energy Super-Sport Gym and Oiler Studio creative social club.
Source: https://www.hotelnewsresource.com/article132811.html
Photos Source: Houston City Place Marriott Hotel – Image Credit City Place, Hotel News Resource
