Inland American Real Estate Trust, Inc. Announces the Purchase of Two Westin Hotels in Houston for $220 Million
Inland American Lodging Group, Inc., a wholly owned subsidiary of Inland American Real Estate Trust, Inc., announced today that it has acquired two Westin hotels located in Houston's Galleria District, for approximately $220 million. The 24-story Westin Galleria includes 487 rooms and over 71,000 square feet of meeting space. The Westin Oaks Houston at the Galleria offers 406 rooms on 21 floors as well as 23,500 square feet of meeting space, including a 4,500-square-foot banquet space overlooking the Houston skyline.
"The acquisition of these outstanding properties, the only hotels connected to the
acclaimed Galleria Mall complex, is an exciting step in our ongoing strategy to enhance our portfolio of upper-upscale hotels""The acquisition of these outstanding properties, the only hotels connected to the
acclaimed Galleria Mall complex, is an exciting step in our ongoing strategy to enhance our portfolio of upper-upscale hotels," said Marcel Verbaas, president and CEO, Inland American Lodging Advisor, Inc. "The Houston lodging market has continued to outperform the majority of the country, positioning these recently-renovated properties for strong returns going forward."Both hotels recently underwent renovations totaling $35 million. The properties will
continue to be managed by Starwood Hotels & Resorts Worldwide, Inc.The Galleria is a premiere upscale dining, retail and office destination. In addition to
the hotels, The Galleria mixed-use complex includes three office towers, a private fitness club and a retail complex. Totaling over three million square feet, the retail component forms the largest mall in Texas and one of the 10 largest malls in the United States.About Inland American Lodging Advisor, Inc.
Inland American Lodging Advisor, Inc., located in Orlando, FL, focuses on acquiring and managing a diversified portfolio of lodging properties on behalf of Inland American Real Estate Trust, Inc. Inland American Lodging Advisor, Inc. currently oversees 91 hotels branded under various Marriott, Hilton, Starwood, Hyatt, Fairmont, and IHG brands that are managed either by the brand managers or independent third-party management companies. For further information regarding Inland American Lodging Advisor, please refer to the company website at www.inlandamericanlodging.com.
About Inland American Real Estate Trust, Inc.
Inland American Real Estate Trust, Inc. focuses on acquiring and developing a diversified portfolio of commercial real estate located in the United States. The company also invests in joint ventures, development projects, real estate loans and marketable securities. As of December 31, 2012 Inland American owned, directly or indirectly through joint ventures in which it has a controlling interest, 794 properties, representing approximately 46 million square feet of retail, industrial and office properties, 10,523 multi-family units and 16,345 lodging rooms. Inland American is one of six REITs that are, or have been, sponsored by affiliates of The Inland Real Estate Group of Companies, Inc. For further information regarding Inland American, please refer to the company website at www.inlandamerican.com.
