Crescent Sells Four Seasons in Planned Business-Class Hotel Disposition

HOUSTON-Less than one week after breaking ground on a new Downtown tower as part of its Houston Center complex, Crescent Real Estate Equities has sold the adjacent Four Seasons Hotel, one of the city’s premier luxury hotels.

Maritz, Wolff & Co., a St. Louis-based hotel investment concern, has paid $105 million for the 400-room hotel and the Four Seasons Place apartment tower, which has 114 residences. Maritz officials say they will continue to operate the property as a Four Seasons hotel and apartment tower although it is possible the apartments could be converted into condominiums at a later date.

The hotel and apartments are on the eastern portion of Downtown, which had been a patchy, urban frontier for the city center when the hotel was built in 1982. Now the area is fast becoming a Houston hot spot. The city’s new baseball stadium, Enron Field, is a few blocks away. The new NBA basketball arena, which was approved by local voters Tuesday, will be nearby. The George R. Brown Convention Center also is within easy walking distance.