RIDGEFIELD, Conn. – – September 19, 2022—Julian Buffam and Jeremy Buffam, partners at New Castle Hotels & Resorts (NCH), a leading hotel investment, development and management company, today announced the acquisition of the 55-room, historic LaSalle Hotel in Bryan, Texas. Built in 1928, the hotel is located in the heart of downtown Bryan, recognized by Forbes as the “Best Small Place” for education, business, and careers. Following an extensive interior and exterior renovation of the property, the LaSalle will join the Marriott Tribute Portfolio , a family of independent boutique hotels. Municipal incentives from the City of Bryan and historic tax credits will help support projected capital improvements of $110K per key.
Bryan is at the epicenter of Texas’ five major metropolitan areas, Dallas, Fort Worth, Houston, Austin, and San Antonio and is the sister city of College Station, home to Texas A&M University, the largest university in the United States.
“New Castle has a long history of acquiring historic hotels and repositioning them for new generations of travelers,” said Jeremy Buffam. “The LaSalle fits this model precisely and Marriott’s Tribute flag is the perfect branding affiliation for a cherished small-city treasure. The building is architecturally significant and has great bones, and when you add in the city’s warm welcome and partnership, we believe it is a winning combination.”
“This partnership ensures that the LaSalle, a critical historical asset in Downtown Bryan, is preserved and celebrated,” said Bryan Mayor Andrew Nelson. “It is a testament to how far we’ve come to build the birthplace of Aggieland into a thriving, culturally rich destination for years to come.”
“The overall market fundamentals for Bryan/College Station are very strong,” said Julian Buffam. “Hotel performance is well above 2019 and we are confident that these numbers are not temporary; many similarly situated hotels in the market are having phenomenal years. In addition, the city has invested heavily in developing Bryan as a recognized cultural arts district which plays very well with a historic boutique hotel of this quality.”
The LaSalle, which features a subterranean speakeasy, 5 Knocks and a lobby-level bar/restaurant Downtown Elixir and Spirits, will operate as an independent hotel through fall of 2023.
