$30.65M for Crowne Plaza Houston Downtown Hotel$30.65M for Crowne Plaza Houston Downtown Hotelhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=56682013-11-20T06:38:00Z2013-11-20T08:00:00Z

HOUSTON - Sotherly Hotels Inc. has acquired the Crowne Plaza Houston Downtown Hotel for $30.65 million in cash plus other considerations. The 259-room, upscale, full-service hotel is located at 1700 Smith St.

For year-end 2013, Sotherly forecasts the Hotel will operate at approximately 72 percent occupancy, with an average daily rate of $134.50, room revenue per available room of $96.80, hotel earnings before interest, taxes, depreciation, and amortization of approximately $3.2 million, and net operating income after capital reserves of $2.7 million. The property will be managed by Chesapeake Hospitality.

Built in 1963 as The Whitehall, the Hotel was known as Houston’s iconic business hotel. In the late 1990’s the Hotel underwent a $25.0 million redevelopment project and reopened in 2001 as the Crowne Plaza Houston Downtown Hotel. The Hotel is connected via skywalk to over 2.0 million sf of Class A office space. In addition, Chevron is planning a new 50-story, 1.7 million sf tower adjacent to the Hotel that is scheduled for completion in fourth quarter 2016.

Source: SoTHERLY Hotels Inc.

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