HOUSTON - Summit Hotel Properties bought the 190-room Hilton Garden Inn located in the Energy Corridor at 12245 Katy Fwy. The purchase price was $36 million.
The property was built in 2008 and Summit anticipates spending $3.2 million in capital improvements over the next twelve months. Summit expects the hotel to generate $1.1 million of adjusted earnings before interest, taxes, depreciation and amortization in 2014.
The acquisition marks the second Hilton Garden Inn owned by Summit in the Houston area.
The Houston Energy Corridor has nearly 19 million sf of existing office space and an estimated 10.7 million additional sf to be added by 2030.
Our twice-weekly e-newsletter provides a quick overview of Texas real estate markets. Because your time is valuable.