HOUSTON The Maharishi Hotel, a downtown Houston icon that has been closed for two decades, could see new life as a Sheraton-branded property.
Investment firm Gold Coast Group tells Houston Press that the 31-story hotel has been acquired by a developer who is planning a US$28 million renovation, with plans to reopen it as the 4-star Sheraton Suites Houston.
The 600-key property last operated as a hotel in 1998 as Heaven on Earth Plaza Hotel, under the management of the Maharishi Mahesh Yogi, before being shuttered by city officials and falling into disrepair. The hotel opened in 1971 as a Holiday Inn and has also been flagged by Days Inn.
Gold Coast President Miguel Sanchez, whose firm helped finance the hotel’s latest acquisition, says Starwood Hotels & Resorts Worldwide has approved the renovation and conversion to a Sheraton. Starwood has not commented publicly on the project, however.