HOUSTON- MAS Lodging Capital LLC, on behalf of Chasewood Park Hotel LP, has struck a deal to acquire seven acres within the 32-acre master-planned Chasewood Technology Park on Houston's northwest side. The land buyers will break ground on a 139-room Springhill Suites by Marriott, the first Marriott hotel to be built in the submarket in more than a decade. Completion is scheduled for September, 2014.
The hotel is at 20201 SH 249. According to Lisa W. Hankamer, principal with Uniquity Partners (which, with Transwestern, represented the seller in the transaction), groundbreaking is imminent on the project.
Chasewood Technology Park, itself, is on SH 249 and Chasewood Park Drive. GenCap, based in Dallas, is an advisor to Chasewood Technology Park's owners. The park has more than 463,000 square feet of office space and is adjacent to Hewlett Packard's Computer Division Headquarters, as well as to the one-million-square-foot Noble Energy Campus and the 1.2-million-square-foot Lone Star College Campus.
“We couldn't have a better franchisor partner than Marriott with which to capitalize on all that this market has to offer," says Tom Kirkland, MAS Lodging Capital's principal. "With Noble Energy's move to the area and all of the recent positive absorption of space by companies who value the location, we made the determination to expand the services and meeting space that will be offered at our SpringHill Suites over and above Marriott's standard requirements. Given all of the amenities offered within and around Chasewood Technology Park, we feel the area creates the perfect environment for our hotel and we are excited about being here.”
Hankamer tells GlobeSt.com that, while Uniquity Partners isn't marketing any hotel sites at Chasewood Technology Park, the property's owners are in the process of developoing remaining office space. Specifically, according to Paul Vangrieken, senior vice president of GenCap, future plans include development of an additional 500,000 square feet of to-be-built office space with the addition of 5 Chasewood and 6 Chasewood. In addition, three retail pads have been carved out for fine dining and other service offerings.
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