Marriott Houston Galleria
Distress Score
Assessed Value
FY2024 Final
Tax as % of Revenue
Target range: <4.0%
Effective Tax Rate
Harris County
TTM Taxable Receipts
YoY Comparison
STR & Asset Profile
#47221-TX
Houston, TX
Galleria / Uptown
Upscale
Marriott
Marriott International
Aimbridge Hospitality
Host Hotels & Resorts
284 Keys
Nov 2011
5-Year Tax Liability Projector
| Year | Best Case Assessed | Expected Assessment | Worst Case Assessed | Est. Annual Tax Bill |
|---|---|---|---|---|
| Year 0 (Current) | $14,230,000 | $14,230,000 | $14,230,000 | $343,654 |
| Year 1 (Post-Close) | $15,050,000 | $16,125,000 | $21,500,000 | $389,418 |
| Year 2 | $15,501,500 | $17,253,750 | $22,145,000 | $416,678 |
| Year 3 | $15,966,545 | $18,461,512 | $22,809,350 | $445,845 |
| Year 4 | $16,445,541 | $19,753,818 | $23,493,630 | $477,054 |
| Year 5 (Exit) | $16,938,907 | $21,136,585 | $24,198,439 | $510,448 |
Note: Harris County uses income approach for hotels. Sale price is evidence but not conclusive. Typical reassessment lag: 12-18 months post-close. Millage rate assumed constant at 0.02415.
Exemptions & Abatements
Expires Dec 2031. 50% Tax Increment Capture.
Asset qualified via Chapter 380 agreement.
MUD & Special District Status
Property in MUD #123
MUD taxes are billed separately from county/city assessments.
*MUD taxes are separately contestable via district board.
Revenue Trend — YoY Comparison
Monthly Taxable Receipts
Comparison of Current Fiscal vs. Prior
+$274k (4.2%)
TTM vs Prior TTM
HCAD Income Approach Panel
| Metric | Assessor Assumed | Actual (SIFT Verified) | Variance |
|---|---|---|---|
| Occupancy | 68% | 58% | -10 pts |
| Net Operating Income (NOI) | $1,400,000 | $1,100,000 | -$300,000 |
| Cap Rate | 8.0% | 8.0% | Flat |
| Implied Property Value | $17,500,000 | $13,750,000 | -$3.75M Delta |
Appeal opportunity: assessor overstates occupancy by 10 pts.
Estimated savings: $42,000 / yr
Submarket Percentile Panel
Ownership Timeline
Noble Investment
2011 - 2018
$6.2M Peak
Host Hotels
2018 - Present
$6.9M Peak
Under Contract
Est. Q4 2024
Recent ownership change — prior operator revenue may not reflect stabilized run rate.
Seasonality Advantage Chart
12-Month Index vs. Submarket Median
Trough Months (Dec-Feb)
Trough Stability: HIGH
Distress Score Breakdown
Aggregate Signal: HIGH RISK
FF&E Personal Property Tax
Rendered
$840,000
Assessed
$1,120,000
Taxable
$1,120,000
Post-PIP Renovation Impact
Renovation will increase FF&E rendered value. Budget $8,000/yr additional liability starting Year 2.
Open Appeals Status
FY2023 - Formal Hearing
Grounds: Unequal Appraisal
FY2022 - Settlement
Refund: $42,180 (Arbitration)
No protest on file for FY2024
Estimated day-one appeal savings: $35,000/yr
Detected Brand / Flag Changes
Changes detected via tax filing diffs. Historical changes prior to Jan 2022 may not be tracked.