Houston’s historic Petroleum Building to be redeveloped into high-end hotel

A Dallas-based development group sold the historic 21-story Petroleum Building, which is now called the Great Southwest Building, in downtown Houston to Choice Hotels International Inc. (NYSE: CHH) for a high-end hotel concept.

The acquisition is part of a larger expansion plan that Choice Hotels has embarked on to bring another 10 Cambria-branded hotels to the Lone Star state — in downtown Dallas at Tower Petroleum, downtown Houston in the former Petroleum Building, Richardson, near the Houston airport, downtown Austin on Rainey Street, San Antonio, The Woodlands, Midland, Waco and Galveston.

Click to read more at Houston Business Journal.