SEO Description: Discover the charm of ZaZa Hotels in Austin, Dallas, and Houston. Explore the unique boutique accommodations and indulge in luxury experiences. Don’t miss the opportunity to own a piece of the Texas hospitality market.
A locally owned Texas boutique hotel chain, ZaZa Hotels, has recently made its entry into the markets of Austin, Dallas, and Houston. This article explores the availability of these properties for sale and provides insights into the current hotel market trends in each city.
ZaZa Hotels for Sale:
The esteemed Hotel ZaZa, located at 2332 Leonard Street in Uptown Dallas, has been listed for sale, according to the Dallas Morning News. Additionally, two ZaZa hotels in Houston and one in downtown Austin are also available for purchase. These properties, totaling 641 rooms, are expected to attract bids exceeding $300 million, as reported by a reputable real estate newsletter. Eastdil Secured has been appointed to handle the marketing of these properties.
The Origins of Hotel ZaZa:
Hotel ZaZa was established in 2002 by developer Charles Givens, with the first location in Dallas. Givens subsequently expanded the brand to include a hotel in Houston’s Museum District at 5701 Main Street, followed by another in Houston’s Memorial City on Katy Freeway. The most recent addition to the Hotel ZaZa portfolio is the downtown Austin location, which opened its doors in 2019.
Distinct Hotel Markets:
Each of the three cities boasts a unique hotel market landscape. Houston, unfortunately, ranked as the worst hotel market in the nation in March, with an occupancy rate of around 53 percent, as reported by Trepp. In contrast, the Dallas-Fort Worth area is witnessing an unprecedented surge in hotel construction, with 251 projects currently in progress. The thriving population and corporate relocations in North Texas have fueled this growth. However, potential challenges such as high interest rates and construction limitations could impact future developments.
While Austin attracts visitors from around the world with its vibrant events, the city’s lodging industry is still striving to regain its pre-pandemic momentum. Marcus & Millichap reports that Austin’s occupancy rate failed to exceed 70 percent last year. Similar to Dallas, the increase in hotel supply could potentially lead to further declines in occupancy rates in the coming years.
The introduction of ZaZa Hotels into the Austin, Dallas, and Houston markets offers an exciting opportunity for luxury hospitality enthusiasts and investors alike. With their distinctive charm and exceptional service, ZaZa Hotels are set to make their mark on the Texas hospitality scene. As the hotel markets in each city continue to evolve, prospective buyers and industry stakeholders must carefully consider the unique dynamics and potential challenges presented in these diverse locations.
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