A Los Angeles-based real estate investment firm bought a high-end hotel near Houston’s Texas Medical Center.
Stockdale Capital Partners purchased The InterContinental Houston, a 354-room hotel built in 2019, on Sept. 21, according to a statement from the company. The seller was not disclosed but CoStar data shows Houston-based Medistar Corp. as the hotel’s most recent owner. Financial terms of the deal were not disclosed.
Medistar Corp. and Stockdale did not immediately respond to CoStar News’ requests for comment.
Stockdale purchased the hotel in a bet on expected growth in the Texas Medical Center area and an increase in travel demands, according to the statement.
Bill Doak, Stockdale’s managing director for hospitality, referred to The InterContinental Houston as the only luxury hotel in the Texas Medical Center area, which is home to the largest medical complex in the world.
"We intend to build even further upon [The InterContinental Houston's] strong track record of success,” said Doak in the statement.
The hotel’s location benefits from a diverse mix of non-cyclical corporate and leisure travelers, according to the statement. The InterContinental Houston at 6750 Main St. is near NRG Stadium, Rice University and the Museum District.
The InterContinental Houston sits directly in the path of growth of the Texas Medical Center, which is expected to double in size over the next decade, with at least $3 billion of developments in medical and life science research facilities already underway, according to the statement.
The InterContinental Houston’s on-site amenities include Safina Restaurant, The Naturalist Café and Lounge, 18,0000 square feet of meeting space, a fitness center and an outdoor pool.
“Stockdale Capital Partners continues to be well-positioned as the travel and hospitality sector makes a strong recovery," Doak said in the statement.