WASHINGTON (dpa-AFX) - A joint venture between Lowe and an institutional investor announced Thursday its acquisition of three hospitality assets located in The Woodlands, a 28,500-acre award-winning master planned community in the greater Houston area, from The Howard Hughes Corp. (HHC).
The Woodlands Resort; The Westin at The Woodlands; and Embassy Suites by Hilton, The Woodlands at Hughes Landing were purchased for $252 million.
They will continue to be managed by Lowe's hospitality management subsidiary, CoralTree Hospitality, which took over management of the properties in September of 2020. Lowe will immediately begin a $25 million capital investment program at the three hotels, totaling 909 rooms.
With this sale, Howard Hughes has successfully closed on approximately $376 million of the targeted $600 million net proceeds in the sale of non-core assets outlined two years ago.
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