Moody National Companies Acquires Approximately 2.4 Acres in Houston's Booming Westchase Submarket
[Houston] – Moody National Companies acquired approximately 2.4 acres in the Westchase Submarket at the corner of Beltway 8 and Westpark Drive.
Moody National Companies will develop a 142-room Hyatt Place Hotel, along with close to 6,500 square feet of hotel meeting space, on the site.
The seller, Simmons Vedder will tear down the currently-existing Tinseltown Theater in order to develop two office buildings immediately north of the subject site.
Moody National Companies was attracted to the site because of its close proximity to several of the most-profitable energy firms in the world. Also, rapid growth along I-10 West and Beltway 8 is creating technical pressure that is pushing Houston's center westward along Westchase and the I-10 corridor.
Alex Sims, Acquisitions Associate with Moody National Companies, sourced the land acquisition. Stan Creech of Stan Creech Properties represented the seller.
This transaction represents Moody National Companies' second land acquisition in West Houston over the past six months. Moody National Companies is actively sourcing additional raw land near high concentrations of office buildings within the East Coast, West Coast and Sunbelt.