HOUSTON-Privately owned Cascade Investment LLC has struck a deal with Maritz Wolff & Co. for ownership rights of the 404-room Four Seasons Hotel Houston. The Seattle-based buyer, which is controlled by Bill Gates of Microsoft Inc. fame and run by chief investment officer Michael Larson, plans to close on the deal Oct. 1.
The sales price was undisclosed, though Harris Central Appraisal District assesses the property at 1300 Lamar Street for $64.1 million. The asset, which also includes 64 rental units, was built in the early 1980s, and Maritz Wolff of St. Louis has owned it since 2000.
Under the new ownership, Four Seasons Hotel Houston will continue to be managed by Toronto-based Four Seasons Hotels and Resorts. This is owned jointly by long-term shareholders Cascade Investment, Kingdom Holding Company and Triples Holdings.
“We have great faith in Houston, particularly with its strong role in the global energy business,” Larson says. “Likewise, because we are very confident in the new executive leadership at Four Seasons Hotels and Resorts and the exceptional in-place management team at this property, along with the enduring value of the Four Seasons brand, we see a compelling real estate investment opportunity here. We look forward to Four Seasons Houston continuing as the local market leader and maintaining its unique position in the Houston community.”
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