December 4, 2016
Brookfield Property Partners LP acquired the Doubletree by Hilton Hotel-Houston Downtown at 400 Dallas St. The Doubletree is connected to One Allen Center at 1200 Smith St., also owned by Brookfield. Paul Frazier with Brookfield told the Houston Business Journal that the proximity spurred the acquisition.
The buyer is in the middle of a $48.5 million renovation of the Allen Center buildings. “Since it’s physically located and attached onto the Allen Center campus, it seemed to make sense for us to own and upgrade it . . . with our office buildings,” Frazier said.
The sales price was not disclosed; the Harris Central Appraisal District values the property at $43.8 million.
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