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Offering Summary Investment Overview

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Offering Summary Investment Overview HOUSTON DOWNTOWN OFFERING SUMMARY INVESTMENT OVERVIEW HFF is pleased to offer on an exclusive basis the opportunity to acquire the fee-simple interest in the 350-room Doubletree Downtown Houston (“Property” or “Hotel”), prominently situated within Allen Center – an institutional-quality mixed-use office/retail/hotel complex – in the Houston CBD. The Hotel is strategically located near many of Houston’s top demand drivers including the George R. Brown Convention Center, Minute Maid Park (home of the Houston Astros), Toyota Center (home of the Houston Rockets) and over 51 million square feet of office space within a 1-mile radius. Many of the Fortune 500 companies located in Houston are within blocks of the Property, including Deloitte, Chevron and KBR. The Property is being offered fully unencumbered from both brand and management, presenting the next owner with a completely blank slate. With an irreplaceable location within Houston’s CBD core and strong in-place cash flow, the DoubleTree offers investors a unique, unencumbered opportunity with tremendous upside potential. INVESTMENT HIGHLIGHTS UNIQUE DOWNTOWN HOUSTON LOCATION The Property boasts an enviable location within Allen Center in Houston’s CBD, benefiting from downtown’s diversified demand base – not only corporate but also convention, sports, leisure, culture, medical, university/ education – and pedestrian friendly environment. This ideal mix of demand drivers has allowed the CBD to TWO ALLEN CENTER 1 MILLION SF continually outperform Houston’s overall market, as well as the neighboring Galleria/Greenway Plaza submarket. THREE ALLEN CENTER Some of the most notable highlights of the Hotel’s location include: 1.6 MILLION SF • 4.5 million square feet of office space within Allen Center and Heritage Plaza, connecting the Hotel via sky bridges/ tunnels ONE ALLEN CENTER 1 MILLION SF • 51 million square feet of total office space within a 1-mile radius HERITAGE PLAZA 1.2 MILLION SF • Dozens of cultural attractions throughout Houston’s 17-block Theatre District (three blocks away) • Close proximity to Interstate 45 providing access to all the area’s major thoroughfares • Connected to downtown’s tunnel system, which spans for seven miles connecting 95 blocks of downtown and includes retail and restaurants along the way • Access to the METRORail via the Greenlink free bus service, providing direct access to many of downtown’s popular amenities and districts • 1.8-million-SF George R. Brown Convention Center, one of the nation’s 10 largest, which is completing a substantial renovation and expansion (direct connection via Greenlink) • Major sports facilities including Minute Maid Park (Houston Astros), Toyota Center (Houston Rockets) and BBVA Compass Stadium (Houston Dynamo) STRONG IN-PLACE CASH FLOW WITH UPSIDE POTENTIAL The Property offers the next owner strong in-place cash flow and an impressive $126 RevPAR along with much upside upon renovating and implementing potential new brand/management strategies. FULLY UNENCUMBERED OFFERING Currently managed by Hilton, the Property is being offered unencumbered of the existing agreement, providing complete operational flexibility and upside for a new owner/operator. The Property is also being offered free and clear of the DoubleTree brand, creating a complete blank slate for the next owner. However, the next owner could have the ability to continue under the proven DoubleTree franchise and benefit from its access to Hilton’s unmatched loyalty program and distribution system. UNIQUE ASSET AT ATTRACTIVE DISCOUNT TO REPLACEMENT COST The DoubleTree is a high-quality hotel building featuring central HVAC, oversized bays and large guest bathrooms, offering investors an above-average asset fully compatible with upper upscale or luxury positioning. Construction cost for an urban full-service property of the size and scale of the Hotel is likely in excess of $325-350k per key. As such, the Property presents an attractive basis substantially below replacement costs. INVESTMENT HIGHLIGHTS LONG-TERM RESILIENCY OF HOUSTON Houston stands as a prime example of a regional economy achieving strength through diversification. Although Houston’s overall market experienced volatility through 2015 with a drop in the price of oil, the metro’s long-term economic outlook remains very bright. The following key facts are examples of Houston’s economic diversity and resiliency: • Houston’s GDP has grown 39% in the past four years – no other major U.S. city comes close • Houston has experienced tremendous job creation of over 100,000 annually from 2012- 2014, and continued to add jobs in 2015, despite a drop in the price of oil. For the year ending November 2015, Houston’s payroll gained an additional 23,700 jobs • Home to 26 Fortune 500 companies and 52 Fortune 1000 firms • Currently more than $2.2 billion in downtown development projects underway, with another $2 billion planned • 5th most populous MSA with 6.6 million residents and another 677,000 projected to be added by 2020, according to Moody’s (ranking #1 in the U.S.) • Over 3 million jobs in the MSA — of which 1.2 million have been added since 2000 — and an additional 302,000 projected to be added by 2020, according to Moody’s (ranking #6 in the U.S.) PROPERTY OVERVIEW Address: 400 Dallas Street, Houston, TX 77002 Guestrooms: 350 Site Area: +/- 1.15 acres (Fee simple) Year Opened / Last Major Renovation: 1980/2008 Function Space: +/- 18,000 SF including two fully divisible ballrooms Food & Beverage: • Trofi Restaurant & Bar • Lobby Lounge/Bar • In-room dining Amenities: • 24-hour fitness center • 24-hour business center • Sundry shop • Valet parking Segmentation (Dec-15 YE): Transient: 75% Group: 25% ALLEN PARKWAY SIXTH WARD MEMORIAL LOCATION OVERVIEW FIRST WARD WEST DALLAS INTERSTATE 45 Metropolitan Hobby Center Garage Heritage Plaza City for the Downtown Garage Hall Performing Arts Aquarium Allen Annex Center Garage BAGBY Three Post Ofce Allen Heritage Redevelopment Doubletree Plaza Public City Bayou Center Hotel Library Hall Place 1600 Smith Antioch Garage Baptist Church Two Continental Allen One Center Chevron Center Allen Julia Ideson Bob Casey Wortham 500 Crowne Center 1100 Smith Building U.S. Jefferson Plaza One Garage Theater Courthouse White Oak Bayou SMITH 10 1401 Smith Houston Mickey Hyatt 1100 Wells One Bank of Alley Lyric KBR Garage Lanier STATION Ballet 600 Regency Fargo Shell STATION Jones INTERSTATE 10 Leland Jefferson Tower Chevron Regency Louisiana Public America Theatre Centre Center Federal Two 1400 Louisiana Garage Hotel Plaza Plaza Works Center Plaza Building Garage LOUISIANA 1500 Louisiana KBR Garage Wedge 777 Clay Centerpoint Kinder Two Pennzoil Jones Market International Total Morgan Shell 717 Texas Square Garage Garage P Plaza Energy Tower P Plaza Place Hall 710 Tower Tower Preston MILAM HPD Travis J.P. Morgan Market Old 800 1300 Americana 919 The Houston Houston Cotton P Main Head- Place Milam Esperson Club Chase Chronicle P Square YMCA Bell Garage KINNEY Exchange CLAY POLK quarters C Tower TEXAS Park U.H. LAMAR BELL DALLAS PRAIRIE Garage WALKER PRESTON PEASE LEELAND FRANKLIN M CONGRESS Downtown COMMERCE JEFFERSON ST.JOSEPH TRAVIS Hines Spaghetti Commerce Market Bayou Warehouse First Courtyard Towers Lofts METRO Light Rail Metro Beaconseld 1300 1000 801 Travis The Square Headquarters Church by Marriott/ 712 Majestic Hotel Icon STATION of Christ Condos P P Main Residence Hilcorp Main McKinney Main Rice Metro 917 Scientist Inn Garage JW Marriott RUSK Lofts Franklin STATION CAPITOL STATION STATION STATION MAIN METRO Light Rail STATION STATION METRO Light Rail STATION STATION Kirby BG Group St. Germain Congress Binz Harris UH Downtown Main One City Lofts Place Lofts 609 County Plaza P P P Street 1010 Building Jury Classroom Garage Lamar Centre 1001 Club Main Admin. Assembly Building McKinney Quarters NOHO STATION FANNIN STATION Hotel Houston CBD Block Map Harris Houston Fannin St. Germain Harris Harris Harris Sacred Diocese of Green Garage P Lofts Christ Sam Houston County CountyCounty County Co-Cathedral House 1301 One Church Hotel Family Downtown Tunnel System Heart of the Galveston Apartments Street 1111 1001 Fanin Club Quarters Civil D.A. Complex Hospital Houston Fannin Houston Cathedral Courts Bldg. Law Sacred Heart Fannin Center Hotel Center Open Space MIDTOWN SAN JACINTO Harris Harris Historic District South First Two County City U.S. Federal Dunn County Brown Texas Houston P Customs Juvenile Criminal Skyline District/Houston Center Area Book Shop College Tower Center House Detention Center Justice Justice of Law Garage The Shops Center Center Center Theater District at CAROLINE Buffalo Bayou Houston Harris Shopping District Center Houston Four Fulbright Center Great Urban County P Seasons Tower Garage P Southwest League Civil P Surface Parking Hotel Life Justice PIERCE ELEVATED One Southeast Light Rail Southeast East EndEast End Light Rail Light Rail Center AUSTIN Harris Christus One Park St. Joseph Root 5 Houston County ¼ Mile P P P Place Center P P Parking Hospital Square Garage Complex LA BRANCH Hess EmbaseyEmbassy Hess Tower Suites Tower Garage P Inn at the P Ballpark Tundra Toyota CRAWFORD Garage Center STATION Annunciation Catholic Union Church Station Hilton P STATION Americas Discovery P Incarnate Houston Green Word Hotel JACKSONAcademy Hilton Minute Maid Americas Park Hotel AVENIDAS DE LAS AMERICAS Garage CHENEVERT 1800 Holiday Texas Inn George R. Brown Express Convention Center HAMILTON 69 HIGHWAY 59 THIRD WARD CHINATOWN EAST END EAST END LINE UNIVERSITY
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