Midway Acquires the 171-room Four Points by Sheraton Houston West in Texas

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. August 21, 2013

HOUSTON, TX - August 21, 2013 - Houston-based Midway, a privately owned, fully integrated real estate development and investment firm, has acquired the Four Points by Sheraton Houston West for an undisclosed sum. The 171-room, full-service hotel is located at 10655 Katy Freeway on the southeast corner of the Beltway 8 interchange.

Originally built in the early 1980s as the Sheraton Town & Country, the building is one of the last vestiges of the Town & Country Mall complex that was razed and redeveloped by Midway as CITYCENTRE. Construction on the award-winning mixed-use and pedestrian-oriented district began in 2007.

The Four Points purchase increases CITYCENTRE's size by approximately three acres and provides a quality, branded offering for business and leisure travelers seeking a lower price point than CITYCENTRE's acclaimed Hotel Sorella, a 2013 Conde Nast Traveler Gold List property that is owned by Midway and managed by Houston-based Valencia Group, which developed the Sorella concept.

According to Jonathan Brinsden, CEO of Midway, "We're understandably excited about this opportunity to expand the boundaries of CITYCENTRE to Interstate 10, while enhancing the community with an asset that broadens the district's appeal as a destination for both business and pleasure."

Valencia Group, which provides management, development, branding and repositioning services for independent, full-service hotels owned by the company, in addition to third parties, has been awarded management responsibilities for the Four Points by Sheraton Houston West.

The property, which encompasses traditional king and double rooms, as well as 81, two-room suites with separate parlor, was last renovated in 2007, when it was rebranded from Radisson Suites to Four Points by Sheraton Memorial City. Additional highlights include contemporary decor, on-site parking, a restaurant and lounge, outdoor pool, 2,800 square feet of state-of-the-art meeting and event space, a fitness facility, business center and sundries shop.

The purchase of the Four Points follows an announcement in June 2013 that Midway had acquired the former Luby's site at 825 Town & Country Way, situated alongside CITYCENTRE's northern gateway and just south of the Interstate 10 frontage road. That property will be redeveloped as CITYCENTRE FIVE, an eight-story, Class A office building with parking garage and 195,000 square feet of office plus ground floor restaurant/retail space. Groundbreaking is estimated to begin in fall 2013.

About CITYCENTRE

Developed by Midway, CITYCENTRE is a thoughtfully planned and meticulously executed self-contained community of sophisticated retail, elegant dining, Class-A office space, 22 corporate penthouse residences, luxurious brownstones and lofts, upscale apartments and the 255-room Hotel Sorella, a world-class hospitality and conference facility. Surrounded by European-style open-air plazas and beautifully designed green spaces, CITYCENTRE is also home to Life Time Athletic, a state-of-the-art urban fitness facility and spa and Studio Movie Grill, an eight-screen premier cinema. For more information, please visit www.citycentrehouston.com. For more information about Midway, please visit www.midwaycompanies.com.