RLJ Lodging keys Humble Oil Building for $79M

HOUSTON – RLJ Lodging Trust has acquired the Humble Oil Building complex in Downtown Houston for $79.5 million, or approximately $151,000 per key based on a combined forward room count of 528 keys.

The Humble Oil Building, located at 1212 Main St., is a three-tower complex that occupies an entire city block.

The complex consists of

• an 82-unit apartment tower that will be converted to a 166-room SpringHill Suites and two existing hotels;
• the existing 191-room Courtyard Houston Downtown Convention Center and;
• the 171-room Residence Inn Houston Downtown Convention Center.

Built during the late 1920s, the complex underwent an estimated $70.0 million renovation in 2003, which restored several historical features and converted the complex into its present use. Conversion of the apartment tower is expected to be completed in mid-2015.

The Courtyard and the Residence Inn underwent six-year Marriott “Refresh” renovations in 2010 and 2011, respectively.

Source: RLJ Lodging Trust