Lowe Acquires Hotel Icon in Houston

Lowe Affiliate Destination Hotels & Resorts to Manage the Property

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. October 14, 2008

HOUSTON, TX, October 19, 2006. Lowe Enterprises Investors (LEI) has acquired the 135-room Hotel Icon, a luxury boutique hotel in the heart of the historic district in downtown Houston. LEI acquired the property on behalf of Lowe Hospitality Investment Partners, a $266 million discretionary fund that invests solely in hotel and resort properties. Lowe's affiliate company Destination Hotels & Resorts will assume management of the hotel. Formerly the Union National Bank Building, a 12-story tower built in 1911 with classical architectural design, it was redeveloped and opened as the Hotel Icon in 2004.

'Hotel Icon is an exquisite property. Every aspect of its renovation exhibits the highest standards of quality and attention to detail, from the richly appointed lobby and public spaces to the large comfortable guest rooms,' said Bleecker Seaman, managing director of Lowe Enterprises Investors. 'Located in the heart of downtown, it is walking distance to the arts and entertainment district as well as the many other attractions such as the convention center and the ballpark. The METROrail light rail line, located adjacent to the hotel, offers guests convenient access to destinations throughout greater Houston.'

Hotel Icon's interiors reflect the elegance and classical structure of its historic facade executed with stylish flair and modern influences. Among its exceptional features are the large, beautifully appointed guest rooms, of approximately 400 square feet, with high ceilings and luxurious baths. The soaring lobby is a large, bright open space decorated with warm colors and sumptuous seating providing an impressive welcome. Hotel Icon also offers a premier restaurant with BANK Jean Georges and a significant mezzanine bar, both of which are popular with visitors and residents.

'Hotel Icon is a distinctive boutique hotel of uncompromising quality that would be difficult to replicate. It clearly is a standout in the Houston market and an attractive destination for leisure or business travelers,' noted Seaman. 'The steady improvement in Houston's economy is expected to continue adding more businesses and visitors to the downtown core. Hotel Icon is well positioned to serve this growing market.'

Centrally located at 220 Main, the hotel offers guests a day spa and exercise room. It also has 5,000 square feet of meeting space fitted with the latest technologies and designed as both exceptionally functional and attractive space with ornate fixtures, dark woods and lushly draped large banks of windows.

'Destination Hotels & Resorts has extensive experience managing one-of-a-kind properties such as the Hotel Icon and meeting the needs of the discerning traveler. Providing a superior level of service and attention to every detail of a property's appearance and function is at the core of our successful business model,' said Charlie Peck, president and chief operating officer for Destination Hotels & Resorts.