Transwestern buys Hotel Granduca in Houston
Plans to renovate Uptown hotel built in 2006
A Transwestern affiliate showcased faith in Houston’s struggling hospitality sector with the acquisition of a top-rated hotel in Uptown.
Transwestern Hospitality Group paid an undisclosed amount for the 122-room Hotel Granduca at 1080 Uptown Park Boulevard, the Houston Business Journal reported. The seller was not disclosed.
The Harris Central Appraisal District valued the property at $20 million last year. Appraisals for 2024 have yet to be released.
Houston-based Transwestern’s Tyler Lavin and Thomas Duncan helped arrange the transaction and will lead an effort to reposition the hotel.
“Hotel Granduca is an irreplaceable five-star property located in an amenity-rich, walkable enclave situated between the River Oaks and Galleria submarkets,” Lavin said. “In a world where travelers increasingly expect a memorable, authentic experience, this is a rare opportunity to embrace the individuality of one of the city’s most distinct hospitality spaces.”
Denver-based Ring on Hook, which specializes in hotel renovations and development, has been hired to reevaluate Hotel Granduca’s place in the market. Houston-based Kara Childress will oversee interior design work, and Canada-based Westmont Hospitality Group will manage the property.
Transwestern plans to upgrade the hotel’s design, food-and-beverage options and amenities. The ground floor will feature a gathering space with a restaurant; larger event spaces and new workout facilities will also be implemented. Renovation is slated to begin this summer, the outlet said.
Hotel Granduca was developed by Houston-based Interfin Companies in 2007. It has since become one of Houston’s most esteemed hotels, ranking No. 8 in Houston and No. 22 in Texas on U.S. News & World Report’s 2022 Best Hotels lists.
Another landmark hospitality trade in the past year in Texas was Ryman Hospitality’s $800 million purchase of the JW Marriott Hill Country Resort and Spa from Blackstone last June.
Houston was ranked the “worst hotel market” in the United States last year because of low occupancy rates, high delinquency and a decrease in cash flow.