Lowe Reaches New High with $252M Woodlands Buy

A joint venture between Lowe and an institutional investor recently acquired three hospitality assets located in The Woodlands, a 28,500-acre master planned community in the greater Houston area, from the Howard Hughes Corporation. The Woodlands Resort, The Westin at The Woodlands and Embassy Suites by Hilton, and The Woodlands at Hughes Landing were purchased for $252 million.

The assets will continue to be managed by Lowe’s hospitality management subsidiary, CoralTree Hospitality, which took over management of the properties in September 2020. Lowe will immediately begin a $25 million capital investment program at the three hotels, totaling 909 rooms.

“The Woodlands hotel portfolio acquisition is consistent with our broader hospitality investment strategy that targets quality full-service hotels and resorts that draw significant leisure travel, but also cater to corporate and group business. Located in a high-growth Houston submarket with strong demand and compelling demographics, the hotels and resort draw from multiple demand segments attracted by the appealing location, lakes, outdoor recreation and considerable amenities within The Woodlands. Business has grown steadily over the past five years and the hotels have weathered the downturn and are rebounding strongly,” said Mike Lowe, co-CEO of Lowe.