X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.