The developer of City Place in Houston has expanded its holdings with the acquisition of two hotels and two office buildings.
CDC Houston, a subsidiary of New York City-based Coventry Development Corporation, acquired a majority stake in the Residence Inn by Marriott Houston Springwoods Village at 22814 Holzwarth Road and the Courtyard by Marriott Houston Springwoods Village 22742 Holzwarth Road, the Houston Business Journal reported. CDC also acquired 100 percent ownership of office buildings City Place 1 and City Place 2.
Alongside Houston-based Patrinely Group and San Antonio-based USAA Real Estate, CDC Houston developed the 60-acre core of City Place, a 2,000-acre master-planned community, formerly known as Springwoods Village. CDC previously shared ownership of the two office buildings with the co-developers.
City Place 1, at 1700 City Plaza Drive, holds the offices of CDC Houston and Arroyo Energy Investors, plus storefronts for Focus Optical, Common Bond Bistro & Bakery, Sushi Rebel and Bread Zeppelin. The five-story building spans 149,500 square feet.
The 10-story, 326,800-square-foot City Place 2, at 1701 City Plaza Drive, has an Island Grill restaurant, as well as the global headquarters for American Bureau of Shipping.
USAA Real Estate sold its stake in the two hotels, while Woodbine Development and InterMountain Management retained minority interests in them.
The Residence Inn has 128 extended-stay rooms and the Courtyard, next door, has 125 rooms.
“In addition to being sound, long-term investments, these acquisitions ensure an adherence to the City Place master plan throughout our evolution and maturation, as well as an ongoing commitment to quality, sustainable development,” Warren Wilson, executive vice president of CDC Houston, told the outlet.
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— Victoria Pruitt