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September 17, 2021

Lowe JV buys three hotels in The Woodlands for $252m

Lowe will soon launch a $25m investment programme at the three hotels.

Howard Hughes has sold three hotels in master planned community, The Woodlands, to a joint venture (JV) between US-based Lowe and an institutional investor.

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The acquired properties include The Woodlands Resort; The Westin at The Woodlands; and Embassy Suites by Hilton, The Woodlands at Hughes Landing.

The JV bought these three hotels in a deal valued at $252m.

CoralTree Hospitality, a subsidiary of Lowe’s hospitality management, will continue to manage the properties following the acquisition.

Lowe co-CEO Mike Lowe said: “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 submarket with strong demand and compelling demographics, the hotels and resort draw from multiple demand segments attracted by the appealing location, lakes, outdoor recreation and considerable amenities within The Woodlands.

“Business has grown steadily over the past five years and the hotels have weathered the downturn and are rebounding strongly.”

Meanwhile, Lowe also announced a $25m capital investment programme at the hotels.

Lowe and its partner plan to upgrade guest rooms, the meeting and conference space, and public areas, as well as add new facilities at the three properties.

The Woodlands Resort features 402 rooms, 90,000ft2 meeting space and other amenities including the family-oriented Forest Oasis waterpark.

The resort’s existing 10,000ft2 spa and dining and bar option are set to undergo transformation.

Built in 2015, Embassy Suites by Hilton, The Woodlands at Hughes Landing boasts 205 rooms, 3,500ft2 of group and event space, a business centre, a fitness facility, and other amenities.

The 302-room Westin at The Woodlands property offers a 24-hour fitness facility, more than 28,000ft2 of meeting and event space, and three food and beverage venues.

Furthermore, the sale of The Woodlands hotel portfolio is in line with Howard Hughes’ 2019 strategic initiative to dispose of non-core assets.

With this, it has reached $376m in net proceeds of the targeted $600m in the non-core assets’ sale.

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What’s missing from your IPO industry assessment?

IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
  • Macroeconomic and demographic environment
  • Consumer context
  • Industry environment
  • Competitive environment
  • Route to market
Interested to learn more about what to include in your IPO Industry Assessment report? Download our free whitepaper.
by GlobalData
Enter your details here to receive your free Report.

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