Houston Hilton for Sale

It’s not often you see a real estate listing for a hotel, especially one that has the Hilton name, but the city of Houston is selling their piece of the empire according to a report published by a local newspaper. The 1200 room hotel which is located directly across the street from the Brown Convention Center was put on the market Wednesday. While no firm price has been set the city is looking for an investor to purchase the property at a “reserve price.”

The hotel is not on the market because it is performing badly but because the city no longer needs the investment. When the hotel was built in 2003 revenue generated was used to finance the city employee pension fund. Today thanks to the high occupancy rate the motel has done its job and the city pension fund is fully funded.

Even with a poor real estate market it won’t be hard to find a person qualified to buy the property. It’s possible that several companies will line up to place a bid on the hotel. Based on initial reports the hotel could be sold for more than $350 million. The purchaser of the property will be eligible to apply for a rebate on the occupancy taxes making the investment well worth the price.

Learn more at: www1.hilton.com