HOUSTON — Inland American Lodging Group Inc., a wholly owned subsidiary of Inland American Real Estate, has acquired two Houston-area Westin hotels for approximately $220 million.
The 24-story Westin Galleria sports 487 rooms and 71,000 square feet of meeting space, while the 21-floor Westin Oaks Houston offers 406 rooms and 23,500 square feet of meeting space, including a 4,500-square-foot banquet space that overlooks the downtown Houston skyline.
Both properties are located in close proximity to the Galleria development, which offers more than 3 million square feet of retail.
“The acquisition of these outstanding properties, the only hotels connected to the acclaimed Galleria mall complex, is an exciting step in our ongoing strategy to enhance our portfolio of upper-upscale hotels,” says Marcel Verbaas, president and CEO of Inland American Lodging Advisor Inc. “The Houston lodging market has continued to outperform the majority of the country, positioning these recently renovated properties for strong returns going forward.”
Features of the Westin Galleria include an outdoor rooftop pool and Daily Grill restaurant, and the Westin Oaks Houston boasts the White Oak Kitchen + Drinks and Street Level Lobby Bar. Among the amenities found at either location are a business center, fitness center and concierge desk.
Stamford, Conn.-based Starwood Hotels & Resorts Worldwide Inc. will continue to manage both properties. The two hotels recently underwent renovations totaling $35 million.
Inland American Lodging Advisor, based in Orlando, Fla., oversees 91 hotels, totaling 17,530 rooms, on behalf of owner Inland American Real Estate Trust. Various brands in addition to Westin, including Marriott, Hilton, Hyatt, Fairmont and IHG, are represented in the portfolio.
Inland American Real Estate Trust is among the six REITs sponsored by the Inland Real Estate Investment Corp., which is part of the Oak Brook, Ill.-based Inland Real Estate Group of Cos.
— John McCurdy