HOUSTON, TX, December 13, 2024: HVS Brokerage & Advisory announces the sale of the 89-key TownePlace Suites by Marriott Houston Tomball, located at 9120 FM 292, Tomball, Texas 77375.
The property, built in 2024, was purchased by Justo LP, based in Brownsville, Texas, from Mitro GP Partners LLC, based in Houston, Texas.
Mitesh Patel, Principal of Mitro GP Partners, LLC, commented, “The HVS team has been with us each step of the way on this development, from the economic feasibility study during the planning stage to the appraisal while securing construction financing, and ultimately representing us on the sale of the asset right after we finished construction. They were efficient and detail oriented in guiding our partnership group throughout the sale, helping to overcome some hurdles that come with selling a hotel that is still under construction. Through their extensive network, they sourced a buyer from Texas that closed the deal on time.”
The newly constructed property was completed in August 2024 and benefits from its strategic location near the intersection of State Highway 99 (Grand Parkway) and FM 2920/Waller-Tomball Road, a newly developed exit with several newer retail outlets and multifamily residential developments. Tomball has become a key business destination within Greater Houston and is home to over 1,500 businesses and nearly 14,000 employees. Notable local demand generators include the Tomball Town Center, Tomball Regional Medical Center, Lateral Technology Corporation, SLR International Corporation, Enhanced Energy Partners Corporation, Crow Corporation, Baker Hughes, VEOLIA, Grimes Industrial, and Lonestar College. Additionally, weekend demand is generated by several popular wedding venues in the area, including Boxwood Manor, Ella’s Garden, Sandlewood Manor, and The Estates at Pecan Park.
“This is the second hotel we have recently sold in Tomball, Texas. We have seen considerable buyer interest in the Houston suburban markets given the strong operating performance and local economic growth. We went to market while the hotel was in the final phase of construction and utilized our firm’s data to support a strong pro-forma projection. We quickly secured a buyer in less than a month and closed shortly after opening,” said Eric Guerrero, Senior Managing Director & Partner of HVS Brokerage & Advisory.
HVS Brokerage & Advisory team members Eric Guerrero, James Rebullida, Fadi Rawashdeh, and Kyle Peterek participated in this transaction.
Media Contact:
Lizzette Casarin
Senior Marketing Director
[email protected]
+1 (720) 244-7620
The property, built in 2024, was purchased by Justo LP, based in Brownsville, Texas, from Mitro GP Partners LLC, based in Houston, Texas.
Mitesh Patel, Principal of Mitro GP Partners, LLC, commented, “The HVS team has been with us each step of the way on this development, from the economic feasibility study during the planning stage to the appraisal while securing construction financing, and ultimately representing us on the sale of the asset right after we finished construction. They were efficient and detail oriented in guiding our partnership group throughout the sale, helping to overcome some hurdles that come with selling a hotel that is still under construction. Through their extensive network, they sourced a buyer from Texas that closed the deal on time.”
The newly constructed property was completed in August 2024 and benefits from its strategic location near the intersection of State Highway 99 (Grand Parkway) and FM 2920/Waller-Tomball Road, a newly developed exit with several newer retail outlets and multifamily residential developments. Tomball has become a key business destination within Greater Houston and is home to over 1,500 businesses and nearly 14,000 employees. Notable local demand generators include the Tomball Town Center, Tomball Regional Medical Center, Lateral Technology Corporation, SLR International Corporation, Enhanced Energy Partners Corporation, Crow Corporation, Baker Hughes, VEOLIA, Grimes Industrial, and Lonestar College. Additionally, weekend demand is generated by several popular wedding venues in the area, including Boxwood Manor, Ella’s Garden, Sandlewood Manor, and The Estates at Pecan Park.
“This is the second hotel we have recently sold in Tomball, Texas. We have seen considerable buyer interest in the Houston suburban markets given the strong operating performance and local economic growth. We went to market while the hotel was in the final phase of construction and utilized our firm’s data to support a strong pro-forma projection. We quickly secured a buyer in less than a month and closed shortly after opening,” said Eric Guerrero, Senior Managing Director & Partner of HVS Brokerage & Advisory.
HVS Brokerage & Advisory team members Eric Guerrero, James Rebullida, Fadi Rawashdeh, and Kyle Peterek participated in this transaction.
About HVS Brokerage & Advisory
The Brokerage & Advisory division is a specialized group within HVS that offers services related to investment sales and capital markets, focused exclusively on the hospitality industry. With a global footprint and over 35 offices nationwide, HVS’s hospitality intelligence and extensive expertise will help you achieve the results you want.Media Contact:
Lizzette Casarin
Senior Marketing Director
[email protected]
+1 (720) 244-7620