HOUSTON — CDC Houston, a subsidiary of New York City-based Coventry Development Corp., has acquired a majority interest in the 337-room Houston City Place Marriott from San Antonio-based Affinius Capital and Dallas-based Woodbine Development Corporation for an undisclosed amount.
The hotel was owned by a joint venture between Affinius (formerly the real estate investment arm of San Antonio-based USAA) and Woodbine Development. CDC Houston bought Affinius’ 50 percent interest and Woodbine’s 45 percent interest (which served as asset manager for the property and will retain a 5 percent interest in the hotel). Plano, Texas-based Aimbridge Hospitality will continue to operate the property. CDC Houston assumed the hotel’s existing loan.
The Houston City Place Marriott is one of the top performing full-service hotels in the North Houston submarket. It is part of the 2,000-acre City Place mixed-use complex developed by CDC Houston.
The acquisition makes CDC Houston the majority owner of all three hotel properties in the City Place complex. In late 2022, Coventry Development Corp. acquired a 90% interest in the 128-room Residence Inn Houston City Place and 125-room Courtyard Houston City Place hotels.
According to CoStar, Houston ranks 17th among the 25 largest markets in the United States.th in occupancy (65.8%), 25th in ADR ($121.12) and 22and in RevPAR ($79.69). Houston also has the 13th
largest pipeline of hotel rooms, according to CoStar data. Of the four largest markets in Texas (including Austin, Dallas and San Antonio), Houston is 3rd
ahead of San Antonio in occupancy, but lags behind the other three markets in ADR and RevPAR.
The Houston City Place Marriott opened in October 2018. There are currently no renovations planned for the hotel.
“The Houston City Place Marriott is a wonderful property that continues to thrive as a hub for business travel, visitors, locals and groups – and provides an increasingly beautiful setting for weddings and other outdoor events,” said Warren W. Wilson, executive vice president of CDC Houston, in a press release. “Our new role as majority owner reflects our long-term commitment to City Place and the realization of our vision of an exceptional, sustainable community.”
