HOUSTON, TX, October 3, 2019: HVS Brokerage & Advisory announced that it has closed on the sale of the 118-key Staybridge Suites Houston West-Westchase located at 9901 United Drive in Houston, Texas.
The property, located in Houston’s Chinatown and built in 2017, was purchased from Damodar LLC by GPI Investment. The all-cash transaction was completed in less than 60 days, despite the challenging lodging dynamics in the Westchase submarket.
“Through an extensive national marketing campaign, we generated significant interest from local and out-of-state buyers, despite the deteriorating lodging performance in the Westchase submarket. In fact, we received a total of nine written bids. The ultimate buyer was a local investment group that paid all cash and closed the transaction in less than 60 days. I'm also excited to see the buyer reposition the asset as a senior-living facility," said Eric Guerrero, the HVS Brokerage & Advisory Managing Director who worked with the client on this deal.
“We are very excited to add this property to our portfolio. We plan to reposition this asset as the ReLux Luxury Senior Community at Westchase District—an independent, luxury, senior-living facility. We will offer all-inclusive rent, three meals per day, modern furnished rooms, weekly cleaning, and exciting daily activities. The excellent Chinatown location offers residents convenient access to all of the dining and shopping the local area has to offer. We expect that the repositioning of this property will significantly improve the value of the asset and generate strong returns for our investors," said Alex Weng, Vice President of GPI Investment.
The Staybridge Suites Houston West-Westchase property is strategically located within the 4.32-square-mile Westchase District, near numerous dining, retail, and entertainment options in the Chinatown area. With 16.3 million square feet of office space in 118 buildings, more than 1,500 businesses reside in Westchase.
HVS Brokerage & Advisory team members Eric Guerrero, Drew Noecker, Ben Levin, and James Rebullida participated in this transaction.
Media Contact:
Lizzette Casarin
Marketing Director
[email protected]
+1 (720) 244-7620
The property, located in Houston’s Chinatown and built in 2017, was purchased from Damodar LLC by GPI Investment. The all-cash transaction was completed in less than 60 days, despite the challenging lodging dynamics in the Westchase submarket.
“Through an extensive national marketing campaign, we generated significant interest from local and out-of-state buyers, despite the deteriorating lodging performance in the Westchase submarket. In fact, we received a total of nine written bids. The ultimate buyer was a local investment group that paid all cash and closed the transaction in less than 60 days. I'm also excited to see the buyer reposition the asset as a senior-living facility," said Eric Guerrero, the HVS Brokerage & Advisory Managing Director who worked with the client on this deal.
“We are very excited to add this property to our portfolio. We plan to reposition this asset as the ReLux Luxury Senior Community at Westchase District—an independent, luxury, senior-living facility. We will offer all-inclusive rent, three meals per day, modern furnished rooms, weekly cleaning, and exciting daily activities. The excellent Chinatown location offers residents convenient access to all of the dining and shopping the local area has to offer. We expect that the repositioning of this property will significantly improve the value of the asset and generate strong returns for our investors," said Alex Weng, Vice President of GPI Investment.
The Staybridge Suites Houston West-Westchase property is strategically located within the 4.32-square-mile Westchase District, near numerous dining, retail, and entertainment options in the Chinatown area. With 16.3 million square feet of office space in 118 buildings, more than 1,500 businesses reside in Westchase.
HVS Brokerage & Advisory team members Eric Guerrero, Drew Noecker, Ben Levin, 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 late September 2019, the group had seven engagements in excess of $70 million that it was actively marketing for sale; additionally, another six assets were under contract and anticipated to close soon.Media Contact:
Lizzette Casarin
Marketing Director
[email protected]
+1 (720) 244-7620