Joint Venture Acquires Three Hotels in The Woodlands from Howard Hughes Corp. for $252M

THE WOODLANDS, TEXAS — A joint venture led by Los Angeles-based investment firm Lowe has acquired three hotels in The Woodlands, located about 30 miles north of Houston, from The Howard Hughes Corp. (NYSE: HHC) for $252 million. The properties include The Woodlands Resort, a 402-room hotel that was built in 1972; Embassy Suites by Hilton, The Woodlands at Hughes Landing, a 205-room asset that was constructed in 2015; and The Westin at The Woodlands, a 302-room property that was completed in 2016. CoralTree Hospitality, a subsidiary of Lowe, will manage the hotels. In addition, the new ownership will invest approximately $25 million in capital improvements across all three properties.