Cara Smith, Reporter
Houston Business Journal
Add another historic hotel renovation to downtown Houston’s portfolio.
The 16-story office building at 1114 Texas St. will be redeveloped into a Hyatt Place hotel, Rahul Bijlani, senior vice president of CBRE Hotels, confirmed to the Houston Business Journal. Bijlani’s client, Nick Patel of Pride Management Inc., owns the property and will lead the redevelopment, he said. Patel declined to comment for the story.
The 154-room hotel will open in December 2018, Bijlani said. The redevelopment will cost $14 million, according to a building permit filed with the city of Houston.
The 115,360-square-foot building at 1114 Texas was built in 1948, per public records, and was last valued at $1.9 million as of Jan. 1.
An increasing number of downtown Houston’s historic buildings – such as the Houston Bar Center, an old First Church of Christ Scientist property and Houston’s historic Melrose building – are being scooped up by investors that plan to develop properties that will keep downtown’s streets busy on nights and weekends.
Many of the adaptive redevelopments underway in downtown are catering to visitors more so than potential residents, though. The properties mentioned above were developed into a Euro-themed hotel, a nightclub and a boutique hotel, respectively.
Most recently, the historic 21-story Petroleum Building was sold to Choice Hotels International Inc. (NYSE:CHH) for a high-end hotel concept.
The Hyatt hotel’s permit was registered under Star Owner LLC, which is associated with one of Patel’s business partners. Star Owner LLC has owned the property since 2015. Before that, it was owned by Aaron Wiese of Wiese Properties since 1998, per public records. (bizjournals.com)