A new group called RLJ Lodging Trust has acquired the historic Humble Oil Building, a three-tower complex that occupies an entire city block in downtown Houston, for $79.5 million. This building has been in and out of play for 15 years....at one time it was to be a downtown new Ritz Carlton..The purchase price equates to approximately $151,000 per key, based on a combined forward room count of 528 keys. The Humble Oil Building consists of an 82-room apartment tower that will be converted to a 166-room SpringHill Suites, as well as two existing hotels. The hotels include the 191-room Courtyard Houston Downtown Convention Center and the 171-room Residence Inn Houston Downtown Convention Center. RLJ Lodging purchased the buildings with its revolving credit facility. The new SpringHill Suites is scheduled to open in mid-2015.
For more information on Houston office space, Houston retail space or Houston warehouse space and Houston industrial space, please call 713 782-0260 or see my web site at : www.houstonrealtyadvisors.com Thank you for your interest.
Ed A. Ayres
Houston Realty Advisors, Inc.