Moody National Pays $12M for Ownership Rights of Homewood Suites Woodlands

SHENANDOAH, TX-Citing employee growth and increased commercial real estate demand in the Woodlands, TX (about 20 miles north of Houston), management with Moody National REIT I Inc. acquired the 91-key Homewood Suites Woodlands. The Houston-based buyer paid $12 million to a group led by Woodlands Terrapin Investors I LLC of California in this commercial real estate transaction.

 “The property is an upscale, extended-stay product by Hilton, in a major metropolitan market and located near the new Exxon campus,” Moody National CEO Brett Moody tells GlobeSt.com. “The property is currently performing well; given the multiplicity of demand generators and the existing strength of the market when considering the arrival of the new Exxon campus, we should see extremely positive growth over the next few years.”

Moody goes on to say there are no plans to change the property’s flag – it will remain a Hilton-branded Homewood Suites -- and that there are improvements planned for the 2001-built asset which is located at 298131 Interstate 45 North. He says that the timing of the upgrade’s completion is fortuitous – by the time hotel renovations are completed, the nearby Exxon campus will be open and running, effectively adding close to 8,000 employees to the mix.

Homewood Suites Woodlands offers 70 one-bedroom, one-bathroom suite and 21 two-bedroom, two-bathroom suites. All suites offer fully equipped kitchens, and separate eating/sitting areas. Amenities include an on-site business center, meeting rooms, fitness center and courtyard pool and spa. Moody says renovations will focus on updating the lobby and guest rooms.

According to an 8-K disclosing the transaction, Moody National is financing the acquisition with funds raised through its ongoing public offering and assumption of $6.9 million in debt.