15700 John F. Kennedy Boulevard, Houston, TX 77032

The fee simple interest in the 419-room Sheraton North Houston at George Bush Intercontinental Airport (IAH) is available for purchase. The property is offered unencumbered by management and debt, at a discount to replacement cost. A long-term licensing agreement with Marriott allows for maintaining the Sheraton brand. The property was transferred to special servicing in November 2020, and a receiver was appointed in April 2021. Transitioning the asset out of receiver control and completing the Property Improvement Plan (PIP) is expected to improve RevPAR penetration. The competitive set has averaged annual RevPAR gains of 17% over the past two years. Houston is the global energy capital, home to over 4,600 energy companies engaged in traditional oil and gas and the growing renewable energy sector. The broader Houston MSA is expected to see growth in this sector. Houston has a population of more than 7.5 million people, ranking it as the fifth-largest MSA and the second-fastest-growing metropolitan area in the United States. The Houston Bush Airport corridor is undergoing over $4 billion in renovations and modernization aimed at increasing passenger capacity and expanding travel routes. Houston will directly benefit from the simultaneous closures of the Austin and Dallas convention centers in 2025, leaving both markets without competitive convention facilities through 2029.