HOUSTON, TX, September 9, 2019: HVS Brokerage & Advisory announced that it has closed on the sale of the 65-key Candlewood Suites Port Arthur/Nederland located at 2125 US-69, Nederland, TX, for an undisclosed amount.
This transaction highlights HVS’s ability to successfully identify real estate investments with great potential and execute a targeted sales process. This approach resulted in an off-market transaction and a mutually beneficial outcome for both the seller and buyer.
DRUBO Hospitality Inc. from Los Angeles, CA, acquired the Candlewood Suites Port Arthur/Nederland from the seller, US Harmony LLC from Houston, TX. This asset is the buyer’s second hotel transaction with HVS and its second hotel acquisition in Texas. "We are happy to sell this property and focus on our Houston investments. HVS quickly found a buyer in one week without needing a public sale. They were very diligent in the transaction and overcame several hurdles," said Bruce Chi of US Harmony.
The hotel, which was built in 2001, is located within the booming petrochemical Beaumont/Port Arthur market. Major petrochemical players, including Exxon, Motiva, Total SA, Nova Chemicals Corp, and Chevron, have announced multiple refinery expansions in the market totaling over $10 billion of economic investment in the coming years.
“This property, with its attractive brand and strong performance, quickly generated significant buyer interest. The winning buyer was attracted to this Candlewood property as a result of the multiple petrochemical expansions in the market's ‘Golden Triangle.’ The hotel will benefit from the increased demand in the area due to these petrochemical expansions and the resulting growing community,” said Eric Guerrero, an HVS Brokerage & Advisory Managing Director.
HVS Brokerage & Advisory team members Drew Noecker, Eric Guerrero, and James Rebullida participated in this transaction.
Media Contact:
Lizzette Casarin
Marketing Director
[email protected]
+1 (720) 244-7620
This transaction highlights HVS’s ability to successfully identify real estate investments with great potential and execute a targeted sales process. This approach resulted in an off-market transaction and a mutually beneficial outcome for both the seller and buyer.
DRUBO Hospitality Inc. from Los Angeles, CA, acquired the Candlewood Suites Port Arthur/Nederland from the seller, US Harmony LLC from Houston, TX. This asset is the buyer’s second hotel transaction with HVS and its second hotel acquisition in Texas. "We are happy to sell this property and focus on our Houston investments. HVS quickly found a buyer in one week without needing a public sale. They were very diligent in the transaction and overcame several hurdles," said Bruce Chi of US Harmony.
The hotel, which was built in 2001, is located within the booming petrochemical Beaumont/Port Arthur market. Major petrochemical players, including Exxon, Motiva, Total SA, Nova Chemicals Corp, and Chevron, have announced multiple refinery expansions in the market totaling over $10 billion of economic investment in the coming years.
“This property, with its attractive brand and strong performance, quickly generated significant buyer interest. The winning buyer was attracted to this Candlewood property as a result of the multiple petrochemical expansions in the market's ‘Golden Triangle.’ The hotel will benefit from the increased demand in the area due to these petrochemical expansions and the resulting growing community,” said Eric Guerrero, an HVS Brokerage & Advisory Managing Director.
HVS Brokerage & Advisory 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 August 2019, the group has eight engagements in excess of $60 million that it is actively marketing for sale; additionally, another six assets are under contract and anticipated to close soon.Media Contact:
Lizzette Casarin
Marketing Director
[email protected]
+1 (720) 244-7620