Park 10 Lodging LP bought the 2.3-acre site at the intersection of Texas 6 and Park Row Boulevard from the Wolff Cos. of Houston. The Hilton franchisee will break ground on the $5.5-million hotel in the fourth quarter. If the project stays on track, doors will open in mid-2006.
"We had been talking with a number of hotel operators as well as other different uses," David Hightower, executive vice president for Wolff Cos., tells GlobeSt.com. "We had four offers and we found a group that we liked."
Simmi Jaggi Basra with CB Richard Ellis Inc.'s Houston office represented Park 10 Lodging in the land acquisition, an all-cash takedown that took four months to close. The purchase price is being kept under wraps, but similar land in the area sells for $6 per sf to $8 per sf.
The four-story Hilton will be the fourth hotel in the east end of Park 10, going up across the street from a Holiday Inn Crowne Plaza. The new hotel targets Energy Corridor companies, which often have business travelers in town for extended periods. "Demand for this type of hotel seems to be pretty strong," Hightower says, adding the hotel developer is looking for additional sites in the Greater Houston area.
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