R. Maurice Crowe Jr., owner of the Dallas-based investment group, the 30-year-old hotel at 1750 W. Loop South was appealing because of the Marriott brand, location and occupancy. "The occupancy is running around 75% with the ADR at $138 to $140 per night," he tells GlobeSt.com "It's doing pretty well in a good market despite the fact it needs a fairly major rehab."

Crowe estimates the rehab will take about two years to complete. The work will include retooling lobbies and guestrooms. Crowe says he's in talks with two interior designers to help with the redesign. And, he adds, proposals will shortly go out to general contractors. Marriott International Inc. will take over management of the holding later this month from New York City-based Blackstone Group.

Crowe says that RM Crowe focuses mostly on office and medical properties in Texas, but isn't averse to going outside the box every now and then when it comes to investments. Marriott Houston West Loop, situated on 1.5 acres, is the company's second hospitality acquisition. It also owns the Park Cities Hilton at 5954 Luther Lane in Dallas.

"Historically, we've been office buyers and owners," Crowe says. "But if we see other opportunities we like, we'd certainly anticipate doing more hospitality property purchases."

Holliday Fenoglio Fowler LP's Miami office represented the seller. RM Crowe was represented in-house by James Roberts.