After HPE building, City Place developer acquires stakes in hotels, office buildings from JV partners
Houston Business Journal
City Place developer CDC Houston has acquired four additional assets from its joint venture partners in the master-planned community west of Interstate 45 just outside Spring.
The subsidiary of New York City-based Coventry Development Corp. said it acquired a majority stake in two hotels — Residence Inn by Marriott Houston Springwoods Village and Courtyard by Marriott Houston Springwoods Village — and 100% stakes in office buildings City Place 1 and City Place 2.
The five-story, 149,500-square-foot City Place 1, at 1700 City Plaza Drive, houses offices of CDC Houston and Arroyo Energy Investors. Restaurant and retail tenants on the street level include Focus Optical, Common Bond Bistro & Bakery, Sushi Rebel and Bread Zeppelin.
Both office buildings are LEED Silver-certified and opened in 2018 and 2019, respectively.
USAA Real Estate sold its stake in the two hotels to CDC Houston. The hotels’ developers, Dallas-based Woodbine Development Corp. and Monroe, Louisiana-based InterMountain Management, retain minority interests in both.
The acquisitions “reflect an ongoing commitment to the long-term, mixed-use vision” for City Place, CDC Houston said in a statement.
“It’s been an exciting ride at City Place sharing these assets with our partners, and we are grateful for their continued support and engagement in various aspects of the community,” said Warren Wilson, executive vice president of CDC Houston. “In addition to being sound, long-term investments, these acquisitions ensure an adherence to the City Place master plan throughout our evolution and maturation, as well as an ongoing commitment to quality, sustainable development.”