The property was purchased by Jalabapa Hospitality of Amherst, Ohio, from Kei. V. Inc., based in Katy, TX. Jalabapa was seeking to expand its portfolio into Texas; The Comfort Inn & Suites is the company’s first Choice International-branded asset.
Ben Mousavi of Kei. V. Inc. commented: “Working with the HVS team was a great experience. They executed a thorough marketing process and communicated with me at every step of the way. The team secured an out-of-state buyer and managed the escrow process efficiently. Selling this asset allows me to focus on other local projects I’d like to pursue. I look forward to working with the HVS team again for my hotel asset needs.”
“Our national marketing efforts yielded seven written offers, leading to our selection of a very qualified purchaser. The buyer has the foresight to recognize the possibilities in this market, despite recent lodging performance declines in the Katy Freeway West submarket. The property is ideally positioned given the future upside of the Katy Boardwalk, the Mason Creek Business Park developments, and the recovery of the oil and gas industry,” said James Rebullida of HVS.
The property is strategically located off the Interstate 10 feeder and is near multiple developments in the Katy area, including the 60-acre, suburban, mixed-use district that features Class-A office space, a multi-unit residential complex, a retail and entertainment center, and green space. It is also near a 90-acre nature preserve, anchored by a $100-million, Hyatt Regency hotel and convention center.
HVS Brokerage & Advisory team members Eric Guerrero, Drew Noecker, 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 November 2019, the group has nine engagements in excess of $100 million that it is actively marketing for sale; additionally, another three assets are under contract and are anticipated to close soon.Media Contact:
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