Real Estate Rumblings

Bill Gates is buying one of Texas' most prominent hotels in major real estate deal

Bill Gates, the founder of Microsoft, is buying the Four Seasons Hotel in downtown Houston, and is expected to upgrade the property, considered one of the finest hotels in Texas.

Located at 1300 Lamar Street, near Discovery Green park, the luxury hotels features 404 rooms and suites and 64 rental apartments. The hotel, ranked as a AAA Five-Diamond property, is home to the highly regarded Quattro restaurant.

The price was not disclosed and transaction is anticipated to close on Oct. 1.

Gates’ Cascade Investments is buying the Four Seasons from Maritz, Wolff & Co., which has owned it since 2000. The price was not disclosed and transaction is anticipated to close on Oct. 1.

The hotel will continue to operate with the Four Seasons brand. Gates’ investment arm is part owner of the Toronto-based Four Seasons Hotels and Resorts, which is owned jointly by long-term shareholders Cascade Investment, Kingdom Holding Company and Triples Holdings. The hotel company recently announced the appointment of J. Allen Smith as CEO.

“We have great faith in Houston, particularly with its strong role in the global energy business,” said Michael Larson, chief investment officer of Cascade Investment. “Likewise, because we are very confident in the new executive leadership at Four Seasons Hotels and Resorts and the exceptional in-place management team at this property, along with the enduring value of the Four Seasons brand, we see a compelling real estate investment opportunity here.

"We look forward to Four Seasons Houston continuing as the local market leader and maintaining its unique position in the Houston community.”

The Four Seasons opened in Houston in 1982 on a block bounded by Lamar, Caroline, Austin and Dallas streets in what was then considered the sleepy side of downtown. But there has been considerable growth in the part of downtown over the last decade.

Downtown hotel occupancy rates are high and several new hotels are under development in downtown, including the 1,000-room Marriott Marquis, about four or five blocks away from the Four Seasons.

Bill Gates

Photo by Marie McGrory NPR

Bill Gates

unspecified

Hotel reno

Luxury hotel near DFW Airport unveils major refresh and new dining

Photo courtesy of Ricardo Marriott

House of Toro is the new chophouse at The Ricardo Marriott.

A longtime Westlake luxury hotel is ready to unveil a major renovation and rebrand to the public: The former Marriott Westlake has reopened as The Ricardo Marriott, named for famed Mexican architect Ricardo Legorreta, the original designer of the hotel and its surrounding Solana Plaza.

According to a release, the 293-room property near DFW Airport recent underwent a multimillion-dollar renovation that included several new dining concepts and social spaces, along with new design elements, guest room refurbishments, and a pool refresh.

Dallas-based Coury Hospitality led the overhaul of the Marriott, Bonvoy Collection hotel.

"The Ricardo Marriott represents an exciting new chapter for this property,” said Andrew Casperson, President of Coury Hospitality, in a statement. “This transformation goes beyond a renovation. It reflects an intentional effort to honor the building’s architectural significance while introducing a renewed identity that is bold, design-driven, and reflective of Westlake’s evolving character.”

The renovations aimed to honor and augment Legorreta's original, 1987 design for the building and its campus, featuring his signature bold geometry and vibrant colors. (Legorreta's other well-known local building is the Fort Worth Museum of Science and History, which features similarly striking colors and shapes.)

"Legorreta’s architecture anchors the experience, creating a strong sense of arrival, while refreshed interiors introduce layered materials, contemporary furnishings and curated color that elevate the guest journey," says the release.

The centerpiece of the renovation are the food and beverage offerings:

A new restaurant called House of Toro Chophouse & Patio serves as the hotel’s signature chophouse.
Black Pearl Lounge offers cocktails, light bites, and tableside caviar service.
Solana Lounge & Kitchen provides all-day dining with breakfast, lunch, and dinner.
Café31 offers Lavazza coffees, fresh pastries, and grab-and-go options.

The hotel also features more than 15,000 square feet of updated meeting and event space, along with outdoor areas and a new-and-improved pool. The spaces are designed to accommodate a range of uses, from corporate meetings to weddings and social events, the release says.

The Ricardo Marriott is now open and welcoming guests, at 1301 Solana Boulevard, Building 3, Westlake.

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