Four Seasons Hotels & Resorts, which is owned by Cascade, Prince Alwaleed Bin Talal’s Kingdom Hotels International and founder Isadore Sharp, will continue to manage the 404-room luxury hotel, Kirkland, Washington-based Cascade said in a statement today.
Four Seasons, based in Toronto, has 91 properties in 38 countries. It hired Allen Smith, the head of Prudential Real Estate Investors, as chief executive officer in August after a five-month search.
“We have great faith in Houston, particularly with its strong role in the global energy business,” Michael Larson, chief investment officer at Cascade, said in the statement. “Because we are very confident in the new executive leadership at Four Seasons Hotels & Resorts and the exceptional in-place management team at this property, along with the enduring value of the Four Seasons brand, we see a compelling real estate investment opportunity here.”
The acquisition is expected to be completed on Oct. 1. The property, which sits in Houston’s downtown business district, also features 64 rental apartments. It had been owned by Los Angeles-based Maritz, Wolff since 2000.
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