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Lowe JV acquires three hotels for $252m
Transactions - SEPTEMBER 16, 2021

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Lowe JV acquires three hotels for $252m

by Released

A joint venture between Lowe and an institutional investor has acquired three hospitality assets from The Howard Hughes Corp. for $252 million.

The three hospitality assets are located in The Woodlands®, a 28,500-acre award-winning master-planned community in the greater Houston area: The Woodlands Resort; The Westin at The Woodlands; and Embassy Suites by Hilton, The Woodlands at Hughes Landing. The properties will continue to be managed by Lowe's hospitality management subsidiary, CoralTree Hospitality, which took over management of the properties in September of 2020. Lowe will immediately begin a $25 million capital investment program at the three hotels, which total 909 rooms.

“The Woodlands hotel portfolio acquisition is consistent with our broader hospitality investment strategy that targets quality, full-service hotels and resorts that draw significant leisure travel, but also cater to corporate and group business. Located in a high-growth Houston submarke

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