HOUSTON-RM Crowe has made its first hotel acquisition in the city, snagging the 304-room Marriott Houston West Loop by the Galleria for roughly $41 million or nearly $135,000 per key. The new owner is planning to invest another $15 million to upgrade the landmark hotel.

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.

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