On behalf of The Woodlands Development Company, Jones Lang LaSalle Hotels announced the sale of The Woodlands Waterway Marriott Hotel and Convention Center to Inland. The property is located in The Woodlands, a mixed-use community north of Houston, Texas.

The Woodlands has been the best-selling master-planned community in Texas since 1990 as a result of its successful integration of recreational amenities, residential properties, class-A commercial office space, retail shops, entertainment venues and natural settings. Spanning 28,500 acres, this award-winning community is located 27 miles north of Houston. The community boasts the best-in-class of all real estate classes as evidenced by its strong economics and continues to expand with new office buildings and additional residential units.

"We see tremendous investor interest in Houston," said Tom Fisher, a managing director for Jones Lang LaSalle Hotels. "The continued growth of numerous demand generators coupled with the community's extremely high barrier to entry makes The Woodlands one of the most sought after real estate markets in the region."

"The high price per key is reflective of the high quality of the asset and the status as the area's only AAA Four Diamond hotel in the heart of The Woodlands Town Center," said Alan Tantleff, an executive vice president for Jones Lang LaSalle Hotels.