Interstate closes Hilton Houston deal

Interstate has closed on the acquisition of the 297-room Hilton Houston Westchase hotel in Texas for $50.5 million, or $170,000 per key, from affiliates of The Blackstone Group. This marks Interstate’s fifth wholly owned property. 
Interstate financed the acquisition with a $32.8 million, non-recourse mortgage loan with UBS Real Estate Securities Inc.  The variable rate loan has an initial term of three years, with two, one-year extensions.