Cottonwood Group and Hana Alternative Asset Management provided a $102 million loan to refinance the InterContinental Houston – Medical Center. The InterContinental Houston – Medical Center is a key hotel in the Texas Medical Center.
LOS ANGELES (PRWEB) NOVEMBER 21, 2019
Cottonwood Group announced today the closing of a $102 million loan to refinance the InterContinental Houston – Medical Center. Cottonwood collaborated with Hana Alternative Asset Management to provide the financing to the luxury hotel developed by renowned Texas developer Medistar Corporation.
InterContinental Houston – Medical Center, which opened in March 2019, is a 22-story, 354-key hotel in the thriving Texas Medical Center (“TMC”) of Houston, Texas. The TMC is the largest medical complex in the world, with over 50 million square feet across 290 buildings, 21 hospitals, and 1,345 acres. It is also home to Texas Children’s Hospital, the world’s largest children’s hospital and MD Anderson Cancer Center, the world’s largest cancer hospital.
Located at 6750 Main Street, InterContinental Houston – Medical Center is the first full-service luxury hotel delivered in the TMC in several decades. Welcoming business and transient guests to the TMC ecosystem, the hotel features a high-end food and beverage offering, lobby bar, outdoor pool, state-of-the-art fitness center, workstations, and over 11,000 square feet of meeting and ballroom space. Unique to the hotel is its concierge medical clinic, which offers two private examination rooms and provides unparalleled on-site convenience and privacy.
“We are delighted to partner again with Hana Alternative Asset Management, after their investment in Cottonwood’s EchelonSeaport™ development in Boston, MA, to provide this transitional financing to the newly constructed InterContinental Houston – Medical Center,” said Jeffrey Horowitz, Senior Vice President of Investments at Cottonwood Group. “We are proud to contribute to the success of this landmark project which will meet a critical need for guests visiting and doing business in the TMC and look forward to building a lasting relationship with Medistar as they continue to expand their presence in the area.”
Monzer Hourani, Founder and CEO of Medistar, said, “We developed InterContinental Houston – Medical Center to provide unmatched comfort and convenience for traveling patients, visiting family members, and the many companies, institutions and professionals that innovate, teach and heal every day at the world-renowned Texas Medical Center. Cottonwood understands our hotel’s position and opportunity in the unique TMC market and has been an exceptional partner to Medistar.”
About Cottonwood Group
Headquartered in Los Angeles with offices in Boston and New York, Cottonwood Group is a privately-held real estate asset management and development company with $3.0 billion in assets under management. Building on its entrepreneurial, private equity roots, Cottonwood Group combines in-house structured finance capabilities with their operational expertise to unlock the full value of real estate opportunities. Its structured finance and real estate teams include seasoned private equity, finance and real estate professionals with national and international expertise in acquisitions, asset management and development. In addition to Los Angeles, Boston and New York, the company also manages real estate assets in other gateway US cities including San Francisco, Seattle, Las Vegas and Phoenix.