Alchemy Real Estate Advisors has completed the sale of two Houston-area Marriott branded hotels. Specific terms and conditions were not disclosed.
The transactions involved the 604-room Houston Marriott Westchase and the former Residence Inn by Marriott Houston by The Galleria. New York, N.Y.-based Alchemy represented a CMBS special servicer in the lender-owned sale of the full-service Houston Marriott Westchase. The buyer is a private national hotel owner that plans to retain the Marriott flag and execute a significant renovation.
Located in Houston’s Westchase District, the property has access to a corporate base of more than 1,500 nearby businesses, including major employers in energy, engineering and technology.
“Our team was proud to represent the lender and deliver a successful outcome for the CMBS trust,” Joe Cuomo, principal and founder of Alchemy Real Estate Advisors, said in a statement. “Given the asset’s renovation needs and larger room count, we targeted Houston-focused, value-add investors through a highly tailored marketing effort. That approach allowed us to secure a qualified buyer with the experience and capital to execute a comprehensive renovation while keeping the property within the Marriott system.”
In a separate transaction, Alchemy advised a public REIT on the sale of the former Residence Inn by Marriott Houston by The Galleria. The buyer was a private local investor that plans to reposition the hotel under the Extended Stay America brand through a renovation and conversion strategy.
The property is in Houston’s Uptown/Galleria area—a business district with more than 28 million square-feet of office space—and close to The Galleria, Texas’s largest shopping destination.