Davidson Hotel Co. have formed a joint venture with a global private equity firm to acquire the 334-room Houston Sofitel Hotel from Accor Worldwide.

Terms of the deal were not disclosed.

Memphis-based Davidson will hold a minority interest in the partnership with The Carlyle Group and will manage the property, as of yesterday. Davidson will convert the property to a Crowne Plaza and rename it the Crowne Plaza Houston North Greenspoint. Carlyle and Davidson also will invest $12 million to renovate the property late this year.

John Belden, Davidson’s president and CEO, said the acquisition and minority involvement is part of Davidson’s strategy for growth.

“This is an asset with significant upside potential that we believe will quickly assume a leadership position in the thriving North Houston business corridor, especially as we implement our proprietary operating systems and opportunistic management style,” Belden said in a statement.

The Carlyle Group is a global private equity firm with $51.8 billion under management. Carlyle invests in buyouts, venture & growth capital, real estate and leveraged finance in Asia, Europe and North America.

Davidson Hotel Co. currently owns and/or manages 28 upscale hotels with nearly 8,300 rooms across the U.S.

Source: www.bizjournals.com

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