HVS Brokerage & Advisory Closes on the Sale of Comfort Suites near Texas Medical Center/NRG Stadium in Houston, TX

HVS worked closely with the seller and buyer throughout the transaction, resulting in a mutually beneficial outcome.
HOUSTON, TX, April 23, 2019: HVS Brokerage & Advisory announced today that it has closed on the sale of the 55-key Comfort Suites near Texas Medical Center/NRG Stadium for an undisclosed amount. HVS worked closely with the seller and buyer throughout the transaction, resulting in a mutually beneficial outcome.

Avalon Sai Hotels LLC acquired the Comfort Suites near Texas Medical Center/NRG Stadium from seller NKB Investments, Inc. “HVS was great to work with and made the transaction smooth. We are excited to add this Comfort Suites to our growing Houston portfolio,” said Anil Verma of the Avalon Group. The hotel, which was built in 2002, includes a breakfast dining area, an outdoor pool and whirlpool, a fitness room, and 700 square feet of meeting space.

The property beneļ¬ts from its proximity to a multitude of corporate and leisure demand drivers, including the Texas Medical Center and NRG Park. The Texas Medical Center is the largest life sciences destination in the world. With 106,000 employees, 54 institutions, and thousands of volunteers and patient visits, more than 160,000 people visit the Texas Medical Center each day; over the course of the year, the campus welcomes approximately ten million visitors. NRG Park is the premier and most versatile tradeshow, consumer show, convention, and sports/entertainment complex in Houston. The 350-acre complex comprises four facilities—NRG Center, NRG Arena, NRG Stadium, and NRG Astrodome. Combined, over 750 events are hosted within the Park, including the world-famous Houston Livestock Show & Rodeo, Offshore Technology Conference, Houston Auto Show, Monster Jam, and various concerts.

“We are excited to help Avalon Management Group acquire another Houston asset. This property has a prime location, and through an off-market targeted marketing process, we generated significant interest from local and out-of-state buyers. The Texas Medical Center is the most sought-after hotel submarket in Houston, and rising land costs have made it challenging for hotel development, which has kept the area from being oversupplied,” said Eric Guerrero, an HVS Brokerage & Advisory Managing Director.
 
Team members Drew Noecker, Eric Guerrero, and James Rebullida participated in this transaction.


About HVS Brokerage & Advisory 

The Brokerage & Advisory Division is a specialized group within HVS that offers brokerage, debt and equity financing, and investment search services focused exclusively on the hospitality industry. With a global footprint and over 40 offices nationwide, HVS’s hospitality intelligence and extensive expertise will help you achieve the results you want. As of April 2019, the group has nine engagements in excess of $90 million that it is actively marketing for sale; additionally, another four assets are under contract and anticipated to close soon.

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