HOUSTON-Inland American Lodging Group Inc., a wholly owned subsidiary of Inland American Real Estate Trust Inc., has acquired two Westin hotels located in Houston’s Galleria District, for approximately $220 million. The 24-story Westin Galleria includes 487 rooms and over 71,000 square feet of meeting space. The Westin Oaks Houston at the Galleria offers 406 rooms on 21 floors as well as 23,500 square feet of meeting space, including a 4,500-square-foot banquet space overlooking the Houston skyline.
“The acquisition of these outstanding properties, the only hotels connected to the acclaimed Galleria Mall complex, is an exciting step in our ongoing strategy to enhance our portfolio of upper-upscale hotels,” said Marcel Verbaas, president and CEO, Inland American Lodging Advisor, Inc. “The Houston lodging market has continued to outperform the majority of the country, positioning these recently-renovated properties for strong returns going forward.”
Both hotels recently underwent renovations totaling $35 million. The properties will continue to be managed by Starwood Hotels & Resorts Worldwide, Inc.
The Galleria is a premiere upscale dining, retail and office destination. In addition to the hotels, The Galleria mixed-use complex includes three office towers, a private fitness club and a retail complex. Totaling over three million square feet, the retail component forms the largest mall in Texas and one of the 10 largest malls in the United States.
Inland American Lodging Advisor Inc. located in Orlando, FL, focuses on acquiring and managing a diversified portfolio of lodging properties on behalf of Inland American Real Estate Trust, Inc. Inland American Lodging Advisor Inc. currently oversees 91 hotels with 17,530 rooms branded under various Marriott, Hilton, Starwood, Hyatt, Fairmont, and IHG brands that are managed either by the brand managers or independent third-party management companies.
Inland American Real Estate Trust, Inc. focuses on acquiring and developing a diversified portfolio of commercial real estate located in the United States. The company also invests in joint ventures, development projects, real estate loans and marketable securities. As of June 30, 2013 Inland American owned 565 properties, representing approximately 41 million square feet of retail, industrial and office properties, 5,186 conventional multi-family units, 6,521 student housing beds and 16,645 hotel rooms.