HEI Hotels & Resorts has added three hotel properties in The Woodlands, Texas to its management portfolio following the properties recent acquisition by Ascendant Capital Partners.
The portfolio consists of The Woodlands Resort, Curio Collection by Hilton, The Westin at The Woodlands and the Embassy Suites The Woodlands at Hughes Landing. Together, the three properties comprise 909 guestrooms and are located within The Woodlands, a 28,000-acre master-planned community north of Houston developed by Howard Hughes. The area includes 24.5 million square feet of office space, 8 million square feet of retail space and community amenities such as an outdoor amphitheater.
The Woodlands is part of the Houston MSA but operates as a distinct submarket. According to the announcement, the area has consistently outperformed the broader market due to office concentration, residential development, demand characteristics, limited new supply and barriers to entry.
Two of the hotels, The Westin at The Woodlands and the Embassy Suites The Woodlands at Hughes Landing, opened in 2016 and 2015 respectively. The Woodlands Resort recently completed a renovation tied to its transition to the Curio Collection by Hilton brand. Each of the three hotels includes its own outdoor pool and fitness center.
Across the portfolio, the properties offer a combined 101,500 square feet of meeting space and eight food-and-beverage outlets. In addition to standard amenities, The Woodlands Resort includes a lazy river, water park and spa facilities.
“These three properties are the first that we are managing for Ascendant,” said HEI Hotels & Resorts CEO and managing partner, Anthony Rutledge. “We are grateful to them for providing us the opportunity to manage this unique portfolio of full-service hotels and look forward to delivering exceptional results.”
The addition marks the beginning of a new management relationship between HEI Hotels & Resorts and Ascendant Capital Partners. HEI is responsible for operating institutionally owned hotel assets across the U.S. and internationally, while Ascendant focuses on hospitality investments.
“We are excited to be working with HEI and are confident they will be a strong partner to drive performance and unlock the full potential of these best-in-class assets in The Woodlands,” said Alex Halpern, Chief Investment Officer of Ascendant.
The three properties will continue operating under their existing brand affiliations. No changes to branding, room counts or use were disclosed as part of the announcement.