Cascade Investments, Gates’ private investment firm, is buying the Four Seasons Houston from Maritz, Wollf & Company, which has owned it since 2000. The deal is expected to close October 1.
In announcing the purchase, Cascade chief investment officer Michael Larson said, “We have great faith in Houston, particularly with its strong role in the global energy business”
The purchase is the latest in a series of new investments in the downtown hotel market. A.J. Mistretta is with the Greater Houston Convention and Visitors Bureau.
“The J.W. Marriott will be opening next year. There’s a new Holiday Inn being planned that will start construction soon, and also the Marriott Marquis, which is going to be our next premier property adjacent to the [George R. Brown] Convention Center.”
The purchase amounts to a doubling down in the hotel industry for Gates, who is already part owner of the Four Seasons’ parent company.