THE WOODLANDS, TX-More than four years after opening, the 341-room Woodlands Waterway Marriott Hotel and Convention Center is under contract for $137 million to Inland American Real Estate Trust Inc. The sellers are Crescent Real Estate Equities Co. of Fort Worth and Morgan Stanley Real Estate of New York City.

An Inland spokesman would confirm, but not comment on the pending purchase. In a recent SEC filing, the Chicago-based Inland reported it put up $5 million of earnest money to acquire the fee simple and leasehold interests in the 1601 Lake Robbins Dr. hotel. At the closing, Inland plans to pay about $63.5 million in cash and equivalents and obtain a loan for the balance.

Richard H. Rudd, EVP with CB Richard Ellis' Houston office, says the Woodlands Waterway Marriott, with a 70,000-sf conference center and 22,000 sf of meeting space, is a success story for the Woodlands and a great investment for Inland. “The hotel does extremely well and has achieved some of the highest room rates in the city,” says Rudd, who is not involved in the transaction.