Sheraton IAH Airport Houston TX

Highlights

• Property Highlights
• Fee simple interest in the 419-room Sheraton North Houston at George Bush Intercontinental Airport (IAH)
• Available for purchase via receivership sale in the March 19 auction event via Ten-X
• Unencumbered by management and debt and offered at a substantial discount to replacement cost
• Ability to maintain the Sheraton brand through a long-term licensing agreement with Marriott
• Property was transferred to special servicing in November 2020, and a receiver was subsequently appointed in April 2021
• Strong operational upside in transitioning the asset out of receiver control and completing the PIP to improve RevPAR penetration
• The competitive set has averaged annual RevPAR gains of 17% over the past two years, significantly outpacing national averages
• Location Highlights
• Situated in the center of Houston’s George Bush Intercontinental Airport Corridor, with a record 48.4 million passengers in 2024
• Located next to the over 300-acre, 3.8 million square foot World Houston Business Center, which offers Class A office and industrial space for a variety of organizations
• Proximate to major North Houston developments, such as the 4,300-acre life sciences and biomanufacturing complex Generation Park and the 65-acre lifestyle mixed-use and retail complex The Grand at 249
• North Houston is home to the global headquarters of ExxonMobil and Hewlett Packard, two of the 24 Fortune 500 companies based in Houston
• Market Highlights
• Houston is the global energy capital, home to over 4,600 energy companies engaged in traditional oil and gas and the growing renewable energy sector
• The broader Houston MSA is expected to see growth in this sector, driven by a renewed emphasis on domestic energy independence and production from the new presidential administration
• Houston has a population of more than 7.5 million people, ranking it as the fifth-largest MSA and the second-fastest-growing metropolitan area in the United States
• Opportune time to invest in the Houston Bush Airport corridor, which is undergoing over $4 billion in renovations and modernization aimed at increasing passenger capacity and expanding travel routes
• Houston will directly benefit from the simultaneous closures of the Austin and Dallas convention centers in 2025, leaving both markets without competitive convention facilities through 2029

Location