Lowe Enterprises Acquires 909-Room Hotel Portfolio In The Woodlands For $252M
2301 N Millbend Dr, The Woodlands, TX, USA
$252,000,000
Building Size
—
Asset Type
Hotel
Closing
Sep 15, 2021
About this deal
AI
Three properties in The Woodlands have recently been sold for a total of $252,000,000. The assets, which include hotels with a combined total of 909 rooms, are located at 2301 N Millbend Dr, 2 Waterway Square Pl, and 1855 Hughes Landing Blvd. The sale took place on September 16, 2021.
Summary of transaction details
- Property Type: Hotels
- Transaction Amount: $252,000,000
- Rooms: 909
- Addresses: 2301 N Millbend Dr, 2 Waterway Square Pl, 1855 Hughes Landing Blvd
- Market: The Woodlands
The buyer of these properties is Lowe Enterprises, represented by Robert J. Lowe. The seller is Howard Hughes Corp, represented by David R. O'Reilly.
On the Map
$252,000,000
Hotel
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The Woodlands Hotel Market Snapshot
Boundary boundary · Hotel · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.06%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93