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.”
About Jones Lang LaSalle Hotels
Jones Lang LaSalle Hotels, the first and leading global hotel investment services firm, is uniquely positioned to provide both the depth and breadth of advice required by hotel investors and hotel companies, through a robust and integrated local network. In 2007, Jones Lang LaSalle Hotels provided sale and purchase advice on 259 hotel transactions globally; representing a combined value of US$13.9 billion, a total of 54,763 hotel rooms in 84 cities. In addition advisory and valuation services were provided on 660 assignments globally for 182,048 rooms across more than 300 cities.
The global team comprises over 270 hotel specialists, operating from 31 offices in 18 countries. The firm’s advice is supported by a dedicated global research team, which produced over 45 publications in 2007 in addition to client research. Jones Lang LaSalle Hotels’ services span the hospitality spectrum; from luxury single assets and large portfolios to select service and budget hotels, resorts and pubs. Their services include investment sales, mergers and acquisitions, capital raising, valuation and appraisal, asset management, strategic planning, operator selection, management contract negotiation, consulting, industry research and project development services. Jones Lang LaSalle Hotels’ clients have access to the resources of its parent company, Jones Lang LaSalle (NYSE: JLL). www.joneslanglasallehotels.com