HOUSTON, TX, September 22, 2020: HVS Brokerage & Advisory announces the sale of the 72-key La Quinta Inn & Suites by Wyndham, located at 9034 West Sam Houston Pkwy North, Houston, Texas 77064.
The limited-service property, built in 2013, was purchased by PRISHA Hotels LLC, based in Beaumont, Texas, from Quest Hospitality LLC, based in Houston.
Rinesh Patel, Managing Partner of Quest Hospitality, commented, “We are happy to complete the sale of this asset. It has been a strong performer for us. The HVS team was great to work with, and I appreciated their thorough review of each buyer so that we could focus our efforts on those highest probable buyers that can secure financing and close the deal.”
The hotel asset benefits from its strategic location at the crossroads of Sam Houston Tollway and West Road, near a multitude of corporate and leisure demand drivers, including the corporate offices of Enterprise Products, National Oilwell Varco, Baker Hughes, and Cameron.
“This transaction took extensive effort from all parties involved. The HVS team succeeded in quickly closing in less than 45 days so that the buyer could take advantage of the SBA debt relief. We went to market during COVID and, despite all the headwinds in Houston, we secured multiple offers from local and out-of-state buyers. The selected buyer had a strong offer with non-refundable earnest money on day one of the PSA and showed strong commitment to the deal. We believe that the asset was acquired at an attractive basis and is well positioned as the market begins its recovery,” said Eric Guerrero, Managing Director of HVS.
HVS Brokerage & Advisory team members Eric Guerrero, James Rebullida, and Fadi Rawashdeh participated in this transaction.
Media Contact:
Lizzette Casarin
Marketing Director
[email protected]
+1 (720) 244-7620
The limited-service property, built in 2013, was purchased by PRISHA Hotels LLC, based in Beaumont, Texas, from Quest Hospitality LLC, based in Houston.
Rinesh Patel, Managing Partner of Quest Hospitality, commented, “We are happy to complete the sale of this asset. It has been a strong performer for us. The HVS team was great to work with, and I appreciated their thorough review of each buyer so that we could focus our efforts on those highest probable buyers that can secure financing and close the deal.”
The hotel asset benefits from its strategic location at the crossroads of Sam Houston Tollway and West Road, near a multitude of corporate and leisure demand drivers, including the corporate offices of Enterprise Products, National Oilwell Varco, Baker Hughes, and Cameron.
“This transaction took extensive effort from all parties involved. The HVS team succeeded in quickly closing in less than 45 days so that the buyer could take advantage of the SBA debt relief. We went to market during COVID and, despite all the headwinds in Houston, we secured multiple offers from local and out-of-state buyers. The selected buyer had a strong offer with non-refundable earnest money on day one of the PSA and showed strong commitment to the deal. We believe that the asset was acquired at an attractive basis and is well positioned as the market begins its recovery,” said Eric Guerrero, Managing Director of HVS.
HVS Brokerage & Advisory team members Eric Guerrero, James Rebullida, and Fadi Rawashdeh 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.Media Contact:
Lizzette Casarin
Marketing Director
[email protected]
+1 (720) 244-7620