Summary:
- Partners Capital acquired the 162-room Homewood Suites in Houston, Texas.
- The company plans $9 million in renovations after the FIFA World Cup.
- The hotel will be operated by North Carolina-based Concord Hospitality.
PARTNERS CAPITAL ACQUIRED the 162-room Homewood Suites in Houston, Texas, under a 15-year Hilton licensing term. This marks the Houston-based investment firm’s third Hospital Fund I acquisition and first in Houston.
The hotel will be operated by North Carolina-based Concord Hospitality and remain a Homewood Suites by Hilton, Houston Business Journal reported. The amount of the purchase was not disclosed.
"We know the Galleria market very well and like the combination of strong recent growth and high barriers to entry," said Sara Connell, Partners Capital’s director of marketing, according to the Journal. "In our opinion, Homewood Suites is one of the top two or three hotel brands available and the opportunity to acquire an institutional-grade Homewood Suites with a long-term commitment from Hilton in our backyard was too good to pass up."
Partners Capital, the investment arm of Houston-based Partners Real Estate, purchased the property from Rhode Island-based Magna Hospitality on August 7, the report said. Magna Hospitality acquired the hotel in 2016 through a fund vehicle, which was nearing the end of its investment term, prompting the sale.
Connell said hotel renovations will begin after the 2026 FIFA World Cup and are expected to cost about $9 million, the Journal reported.
Adam Lair, Partners Capital managing director of hospitality investments, told Houston Business Journal the firm pursued the acquisition ahead of the World Cup and 2028 Republican Convention in Houston.
Partners Capital's Hospital Fund I, launched in 2023, previously acquired the Hilton Garden Inn San Marcos and the Courtyard Marriott-Atlanta Buckhead in March. The company sponsored seven investment funds across three strategies over the past nine years and completed more than $700 million in transactions. Its current portfolio includes more than 1.8 million square feet of properties in Texas and the Southeast.
Separately, Business Insider reported that New York-based Nahla Capital won a bid to acquire The Raleigh, a Miami Beach condo and hotel project, for about $275 million.
