Houston: Hotel REIT Buys Old Humble Oil Building

In Houston, RLJ Lodging Trust purchased the historic Humble Oil Building complex in downtown Houston for $79.5 million or $151,000 per room for what will become three Marriott related hotels.

In The Humble Oil Building is a three, tower complex that occupies an entire city block at 1212 Main Street. The complex consists of an 82-unit apartment tower that will be converted to a 166-room SpringHill Suites and two existing hotels, a 191-room Courtyard and a 171-room Residence Inn.

“Our ability to execute this off-market transaction required the expertise, experience, and relationships that are unique to RLJ,” commented Thomas Baltimore, Jr., President and CEO of the Bethesda, Md.-based firm. “Acquiring the Humble Oil Building complex represents a value-add opportunity.”

The building was constructed in the 1920s. It’s only a few blocks from the 45-story Exxon Mobil building which was purchased a few months ago by Shorenstein Properties.