Brookfield Announces Purchase and Repositioning of Downtown Houston's Doubletree Hotel

Hotel Plan Part of Brookfield's Major Transformation of the Allen Center into Houston's Next Great Urban Destination

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. December 08, 2016

HOUSTON, TX. December 8, 2016 - Brookfield Property Partners L.P. (NYSE: BPY; TSX: BPY.UN) today announced it will acquire the DoubleTree Houston Hotel in Downtown Houston. Brookfield plans to reposition and transform the hotel as part of its major redevelopment of Allen Center that is currently underway. Terms of the hotel acquisition are not being disclosed.

“At Brookfield we are focused on creating active, diverse destinations in leading cities throughout the world, and our vision for Allen Center in Houston is the latest example,” said Paul Frazier, Executive Vice President and Head of the Houston Region for Brookfield. “Owning the hotel is a tremendous asset to Allen Center. We look forward to repositioning the hotel so it is aligned with the $48.5 million investment already underway, and will explore ways to evolve the hotel into a hospitality destination which adds to the vibrant art, greenspace and office spaces currently being created at Allen Center.”

The DoubleTree Houston Hotel is located on Dallas Street immediately adjacent to Allen Center in downtown Houston's central business district. In June 2016, Brookfield initiated a $48.5 million transformation of Allen Center complex into a vibrant, mixed-use destination. The seven- acre site, located at the southwest corner of Smith and Dallas Streets, is comprised of three office buildings. In addition to a renovation of the office buildings, the transformation project will encompass a complete re-visioning of the exterior landscaped areas around and between the buildings, including the creation of an open-air performance and event venue and landscaped public plazas, all enlivened through Arts Brookfield, Brookfield's award-winning arts and entertainment program.

Brookfield has established placemaking developments in cities around the world that are major, vibrant mixed-use complexes that combine modern office space, luxury residences, innovative retail and dining amenities, and active public spaces, with high-end design and advanced sustainability practices. Allen Center will be one of Brookfield's newest such destinations, joining Brookfield Place New York in Lower Manhattan, Brookfield Place Toronto, Brookfield Place Perth, Canary Wharf in London and the soon to be completed Brookfield Place Calgary. Other Brookfield placemaking destinations in development are Manhattan West in New York's Hudson Yards district, Potsdamer Platz in Berlin, Wynyard Place in Sydney, and ICD Brookfield Place in Dubai.

ABOUT BROOKFIELD

Brookfield Property Partners is one of the world's largest commercial real estate companies, with approximately $66 billion in total assets. We are leading owners, operators and investors in commercial property assets, with a diversified portfolio that includes 149 premier office properties and 126 best-in- class retail malls around the world. We also hold interests in multifamily, triple net lease, industrial, hospitality, self-storage and student housing assets. Brookfield Property Partners is listed on the New York and Toronto stock exchanges. Further information is available at http://bpy.brookfield.com. Important information may be disseminated exclusively via the website; investors should consult the site to access this information. Brookfield Property Partners is the flagship listed real estate company of Brookfield Asset Management, a leading global alternative asset manager with approximately $250 billion in assets under management.

Media Contacts:
Andrew Brent
Brookfield
[email protected]
212-417-2464

Susan Elmore
Elmore PR
713-524-0661

Investor Contact:
Matt Cherry
[email protected]
212-417-7488

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