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    Real Estate Rumblings

    Two high-powered Houston hotels go up for sale — with a $210 million asking price

    Julia Davila
    Jun 14, 2013 | 1:44 pm

    Always wanted to own a hotel? The time's ripe in Houston — as long as you have a couple of hundred million dollars lying around. The owner of two-high profile Westin hotels is trying to unload the properties.

    The Westin Oaks Houston at the Galleria and The Westin Galleria are both up for sale, according to the Real Estate Alert newsletter. The two hotels carry an estimated total value of approximately $210 million — a $235,000 per room price, according to CultureMap real estate guru Ralph Bivins, the editor of Realty News Report.

    The Westin Oaks has 406 rooms. The Westin Galleria boasts 487 rooms and 20 suites.

    Walton Street Capital has listed the hotels with Eastdil Secured. The Starwood Hotels & Resorts chain based in Stamford, Conn., operates the two locations as well as the Westin Houston Memorial City.

    The Westin Oaks

    The Westin Oaks Houston hotel palm trees at night
      
    Photo courtesy of the Greater Houston Convention & Visitors Bureau
    The Westin Oaks
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    A Game Of Real Estate Chicken

    Houston high school for sale triggers a $40 million-plus bidding war: Who will blink first?

    Whitney Radley
    Jul 3, 2013 | 11:18 am

    When the Houston Independent School District's High School for Law Enforcement & Criminal Justice went on the market after the 2012-13 school year, St. Thomas High School — which borders LECJ to the south — promised to make a "competitive bid" on the prime property.

    But The Leader reports that a mysterious, recently-formed private company has other plans for the 10.9-acre site. AV Dickson Street, LLC, which formed just days before the first bid deadline was due to HISD, put in a $40 million bid on the campus.

    That was the minimum offer requested by the school district on the property, which was last appraised for $26 million in the Harris County tax rolls.

    An HISD representative told The Leader that St. Thomas officials countered with an offer of $40,000,100 in hopes of growing the size of the private, all-boys Catholic school's existing 17-acre campus. Yep, just $100 over AV Dickson Street's initial bid.

    And thus commences the war for the LECJ property. Offers for the second round of bidding are due to HISD by next Monday.

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