Real Estate Rumblings

Hip Houston hotel sold to power players: Name change considered for historicbuilding

The Alden Hotel
Photo by Jordan Chan
Nick Massad (left) brings a wealth of experience to running the Alden.
Photo by © Michelle Watson/CultureMapSNAP.com

A group led by veteran Houston hotelier Nick Massad has purchased the historic Alden Hotel, a boutique hostelry formerly known as the Sam Houston Hotel.

The 92-room hotel, built in 1924, is located at 1117 Prairie, between Main Street and Minute Maid Park.

A return to the original “Sam Houston Hotel” name for the property is under consideration, said Vicky Massad, chief operating officer for the new owner — American Liberty Hospitality.

It operated as the Sam Houston Hotel until 1970 when it faded into dormancy for decades.

“The building is so fantastic,” she said. “We’re intrigued by all the history the building has. We are studying it (a name change) very carefully.”

Under its earlier name of “Sam Houston Hotel”, the hostelry is listed in the National Registry of Historic Places.

Massad is president of Houston-based American Liberty Hospitality, which partnered with Gentry Mills Capital of Dallas to acquire the Alden Hotel for an undisclosed price.

The Alden was recently highlighted by Smart Meetings magazine in an article titled “Ten Hip Hotel Spaces.” The lobby features a colorful wall of rotating light created by David Lander, a renowned architectural and Broadway lighting designer and contemporary sculpture by M.Y. “Michelle” Williams.

The Alden’s Sam Bar and its *17 restaurant have been marketed as pre-game or post-game options for fans attending Houston Astros games.

The hotel was designed by the Sanguinet, Staats, Hedrick & Gottlie architecture firm as a hotel for business travelers. It operated as the Sam Houston Hotel until 1970 when it faded into dormancy for decades.

After an extensive renovation the hotel reopened as the Sam Houston Hotel in 2002. EOC Hospitality of Connecticut purchased the property in 2010 and renamed it Alden-Houston, saying the “Alden” name would open the door to expanding the Alden brand to other cities.

Massad’s group brings a resume with current experience operating in downtown Houston. Massad developed the new 19-story Embassy Suites next to Discovery Green. The 262-room Embassy Suites has been experiencing strong occupancy since it opened in 2011. Masad’s firm owns 13 hotels and has at least three more under development.

Massad is also the major benefactor and board member at the Hilton College of Hotel and Restaurant Management at the University of Houston.

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bang for your buck

These are the 6 most affordable ZIP codes for Houston renters

Facebook / City of Bellaire, Texas

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Trying to afford buying a home in Houston is difficult enough with current mortgage rates, and doubly so if you're already paying high rent on an apartment or a house. But there are six Houston ZIP codes where renters can get the most bang for their buck, according to a new study by financial services company CashNetUSA.

To find the most affordable ZIP codes to rent in the U.S., analysts compared median household incomes by ZIP code to the average annual rent costs using the Zillow Observed Rent Index. ZIP codes where the average annual rental costs required the lowest percentage of median household income were considered the "most affordable."

Two Houston-area ZIP codes specifically stood out in CashNetUSA's ranking of the most affordable ZIP codes for renters in America: 77401 in Bellaire (No. 9) and 77094 in the Energy Corridor (No. 12).

According to the study's findings, the average monthly cost of a rental in Bellaire comes out to $2,401.25, and the median annual income of a Bellaire household is $210,577. Analysts then calculated that the annual rent of a home in the Bellaire ZIP code only takes up 13.68 percent of a household's median income, which is the ninth-lowest in the nation.

But as Houstonians know all too well, Bellaire residents aren't exactly struggling to pay their rent, seeing as they live in one of the wealthiest places in America.

Meanwhile in Houston's 77094 ZIP, annual rent costs only represent 13.88 percent of a household's median annual income. The area – which encompasses the Kingsland Estates, Green Trails, Green Trails Oaks, Windsor Park Estates, Windsor Park Lakes, and Barker neighborhoods – has a median household income of over $168,000, and average rent costs add up to $1,944.58, according to the study.

CashNetUSA found the No. 1 most affordable ZIP code for renters nationwide is 66224 in Leawood, Kansas, where annual rent only takes a 10.57 percent cut out of a household's median annual income.

Elsewhere in Texas, San Antonio's 78248 ZIP ranked as the No. 4 most affordable ZIP code for renters in the U.S., and the No. 1 most affordable ZIP code statewide. The North Texas ZIP code 75013 in Allen ranked two spots behind Houston to claim the No. 14 spot nationally.

The most affordable Houston ZIP codes for renters
CashNetUSA further unveiled the five most affordable ZIP codes across major U.S. cities, including in Houston, Austin, and San Antonio.

Following 77094 (which took the No. 1 spot citywide) is 77008 (No. 2), which spans Greater Heights, Houston Heights, Shady Acres, and Lazybrook/Timbergrove. Rent costs in this ZIP code averaged out to $1,856 per month, the report found.

Landing in the No. 3 spot is 77024, which includes four of Houston's historic Memorial Villages, including Hedwig, Bunker Hill, Hunters Creek, and Piney Point. The report said average rent in the area comes out to $1,730 per month, which takes up 16.88 percent of a household's median annual income.

The remaining top two most affordable ZIP codes for Houston renters are located in 77007 (Washington Avenue Coalition/Memorial Park, Rice Military, and Crestwood/Glen Cove) and 77345 in Kingwood, which is about 30 miles north of downtown Houston.