LOS ANGELES, CA, November 8, 2017 – ASAP International Hotel LLC (“ASAP”) is pleased to announce the acquisition of the Hilton Houston Galleria Area hotel, located in Houston, Texas. The 293-guestroom hotel was purchased by a new joint venture with ASAP, a global investment management company. Acquisition financing was provided by Wells Fargo with assistance from Barry Slatt Mortgage.
The Hotel is located less than 2 miles from the prestigious Galleria Shopping & Business District and just 10 miles from downtown Houston, providing a centralized location – perfect for exploring the city or visiting a local business. Additionally, the hotel is situated less than 3 miles from Chinatown, allowing new ownership to add additional revenues by marketing directly to the Houston Chinese market.
In addition to its proximity to the Galleria Shopping & Business District, the Hotel is about 20 miles from the Bush Intercontinental Airport and about 10 miles from Houston Hobby airport, allowing convenient access and proximity to major transportation hubs.
ASAP will renovate the Hotel from a Hilton to a Doubletree which we believe is a better fit into the local surrounding community attracting more business and leisure guests.
Jerome Yuan, CIO of ASAP International stated “the Doubletree brand and franchise has been a tremendous partner in our company growth. We are excited for continued success with long term partners like Hilton.”
About ASAP International Holdings
ASAP is the largest Chinese owned Private Equity firm that focuses on acquiring Hospitality and Real Estate with Asset Management throughout the entire U.S.A. Our mission is to be the bridge between China and the Western world. In past few years, ASAP is one of the most active hotel buyers in the U.S. with the successful acquisitions over 31 hotels and over one billion dollars in total value.
Corporate website www.asapholdings.com
About Barry Slatt Mortgage.
Barry Slatt Mortgage is a long-standing privately held and respected institution with more than 45 years of experience in commercial mortgage banking. Barry Slatt Mortgage has a diverse correspondent network with several of the most prestigious lenders in the country, providing custom-tailored solutions for borrowers’ needs. In addition to loan placement, Barry Slatt Mortgage manages a $3.8 billion servicing portfolio.
Corporate website www.slatt.com
With the exception of historical information, the matters discussed in this news release include “forward-looking statements” within the meaning of the federal securities laws that are qualified by cautionary statements herein and in all company’s filings with the Securities and Exchange Commission. We undertake no obligation to update any forward-looking statement to conform the statement to actual results or changes in our expectations.