HOUSTON--HREC Investment Advisors has arranged the sale of the 294-room Crowne Plaza Houston Northwest Brookhollow located in Houston. The buyer, Unique Hotel Management Group, is a regional hotel; the seller is a special servicer that acquired the hotel through foreclosure.

Mike Armstrong, HREC principal, and Hank Wolpert, HREC vice president, represented the seller during the transaction.

“The hotel had been operating in receivership since 2010 and was foreclosed in 2014,” Armstrong told GlobeSt.com. “HREC conducted a broad marketing campaign that attracted hotel investors from across the U.S. and overseas.”

“The Crowne Plaza received significant investor interest due to the strong location and the tremendous repositioning opportunity,” he says. “The new owner is planning a multi-million dollar renovation that will include interior and exterior upgrades. After completing the property improvement plan, the hotel will remain a Crowne Plaza and will be well-positioned to achieve significant upside.”

The hotel is located in northwest Houston on U.S. Highway 290, nearby the Energy Corridor.