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HOUSTON-Crow Holdings Realty Partners IV LP has acquired the 313-room Doubletree Hotel Houston Intercontinental Airport from Driftwood Hospitality Management LLC of North Palm Beach, FL. Sources say similar hotels in the area are trading for $90,000 to $120,000 per key.

Driftwood last year invested $6 million into renovating the 27-year-old hotel at 15747 John F. Kennedy Blvd. Harris County Appraisal District has levied a $26.5-million assessment on the asset this year, up $10.9 million in one year. The hotel sits on 7.3 acres.

Jones Lang LaSalle Hotels represented the seller, who acquired the hotel in November 2005. According to a Jones Lang LaSalle Hotels’ spokeswoman, Crow will continue to operate the hotel under the Doubletree flag.

“The high quality physical product of this asset, coupled with Houston’s significant growth in recent years, commanded strong investor interest,” Tom Fisher, a managing director in New York City for Bethesda, MD-based Jones Lang LaSalle Hotels, says in a press release. He adds upside lies in the recent renovation as well as the planned expansion of the nearby George Bush Intercontinental Airport. Fisher was not available for an interview prior to deadline.

The recent renovation “enhanced the asset’s market position,” according to the press release. The mid-2007 makeover included rooms, soft goods, meeting space and amenity areas. The hotel’s operating stats are unavailable, but Greater Houston overall had a 9.3% RevPAR growth in 2007 and 6.1% in the first six months of this year in its hospitality sector, Jones Lang LaSalle Hotels reports.

Driftwood Hospitality had operated the hotel under a franchise agreement with Doubletree Hotel Systems Inc., a wholly owned subsidiary of Hilton Hotels Corp. in Beverly Hills, CA. It couldn’t be determined by deadline who will operate the hotel for the Dallas-based buyer.

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