HOUSTON, TX, May 6, 2021: HVS Brokerage & Advisory announces the sale of the 92-key Candlewood Suites, located at 2401 East President George Bush Highway, Plano, Texas 75074.
The extended-stay property, built in 2009, was purchased by Lodging Advisory Group, based in Wichita, Kansas, from B&T Hospitality Management LLC, based in Idaho Falls, Idaho.
“We are excited to add the Candlewood Suites Dallas Plano East to our portfolio and believe the asset is well positioned to capitalize on the economic growth in North Dallas. It was a great experience working with Eric Guerrero and the team at HVS to get the deal closed. Navigating a transaction during the COVID challenges was not easy, but they did an excellent job addressing several deal issues during the transaction. We are actively looking for further opportunities to grow our extended-stay portfolio, and look forward to working with HVS again,” commented Dan Weber, CEO of Lodging Advisory Group.
The Property benefits from its strategic location within the Telecom Corridor and its proximity to numerous dining, retail, and entertainment options. More than 5,400 companies (including 600 technology companies) are headquartered in the area, including software, financial services, telecommunications, semiconductor, defense and aerospace, and research-and-development firms.
“This hotel received tremendous interest from the market given the attractive basis and its coveted extended-stay product offering. In addition to COVID, there were some deal challenges that included declining performance in the submarket and low hotel cash flow, so it was important to select a strong buyer who had the ability to get the deal closed. Lodging Advisory Group was a good fit, and we are happy with this result. Our team looks forward to working with B&T Hospitality Management as it continues to dispose of non-core assets,” said Eric Guerrero, Managing Director and Head, Brokerage & Advisory 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 extended-stay property, built in 2009, was purchased by Lodging Advisory Group, based in Wichita, Kansas, from B&T Hospitality Management LLC, based in Idaho Falls, Idaho.
“We are excited to add the Candlewood Suites Dallas Plano East to our portfolio and believe the asset is well positioned to capitalize on the economic growth in North Dallas. It was a great experience working with Eric Guerrero and the team at HVS to get the deal closed. Navigating a transaction during the COVID challenges was not easy, but they did an excellent job addressing several deal issues during the transaction. We are actively looking for further opportunities to grow our extended-stay portfolio, and look forward to working with HVS again,” commented Dan Weber, CEO of Lodging Advisory Group.
The Property benefits from its strategic location within the Telecom Corridor and its proximity to numerous dining, retail, and entertainment options. More than 5,400 companies (including 600 technology companies) are headquartered in the area, including software, financial services, telecommunications, semiconductor, defense and aerospace, and research-and-development firms.
“This hotel received tremendous interest from the market given the attractive basis and its coveted extended-stay product offering. In addition to COVID, there were some deal challenges that included declining performance in the submarket and low hotel cash flow, so it was important to select a strong buyer who had the ability to get the deal closed. Lodging Advisory Group was a good fit, and we are happy with this result. Our team looks forward to working with B&T Hospitality Management as it continues to dispose of non-core assets,” said Eric Guerrero, Managing Director and Head, Brokerage & Advisory 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 investment sales and capital markets 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