Jones Lang LaSalle Announces Sale of Doubletree in Houston
AUGUST 6, 2008. On behalf of DHM Houston Hotel, L.P., Jones Lang LaSalle Hotels is pleased to announce the sale of The Doubletree Hotel Houston Intercontinental Airport to CH Realty IV/IAH Hotel, L.P., an affiliate of Crow Holdings Realty Partners IV, L.P.
The hotel's recent comprehensive renovation enhanced the asset's market position. The 313-room property features 16,011 square feet of meeting and pre-function space, a state-of-the-art fitness facility, outdoor pool, Jacuzzi, three food and beverage outlets, and a full-service business center.
Located in Houston, Texas, the hotel has benefited from the market's exceptional growth trend as evidenced by the city's 9.3% RevPAR growth in 2007 and 6.1% RevPAR growth through June of 2008. Additionally, the property is situated less than a mile from the George Bush Intercontinental Airport, one of the largest and fastest growing airports in the nation.
"The high quality physical product of this asset, couple with Houston's significant growth in recent years commanded strong investor interest," said Tom Fisher, a managing director for Jones Lang LaSalle Hotels. "The buyer is well-positioned to benefit from the asset's upside by capitalizing on the recent renovations as well as the future expansion of the market and specifically the George Bush Intercontinental Airport."
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