HOUSTON, TX, July 28, 2021: HVS Brokerage & Advisory announces the sale of the 110-key Courtyard by Marriott Laredo, located at 2410 Santa Ursula Avenue, Laredo, Texas 78040.
The select-service hotel property, built in 1995, was purchased by Landstar Hotels, based in Ciudad Juárez, Mexico, from Kiertan Laredo LLC, based in Houston, Texas.
“As we shift our focus to our other hotel assets, it was time to remove this Courtyard property from our portfolio. Laredo is a unique market that is appealing to a select group of investors. Eric and his team did a phenomenal job positioning the asset in the market and created a competitive bid process securing multiple offers from Mexican national investors. They got the deal closed on time, and we are very happy with the process,” commented Amita Patel, Kiertan Laredo LLC.
Despite the impact on most markets due to the COVID-19 pandemic, this hotel’s rooms revenue increased 9% in 2020. The property benefits from very good visibility off the frontage road along Interstate 35 in Laredo and is the closest premium-branded hotel to the U.S./Mexico border Puente Internacional 2 Juárez – Lincoln. The buyer has secured a long-term franchise license agreement with Marriott and plans to complete an extensive renovation of the hotel.
“We created a marketing approach for this asset that tapped into our firm’s international reach. We focused on Mexican investors that understand the nuances of the Laredo market. Through this, we secured a highly qualified existing Marriott franchisee that could close the deal quickly with no re-trades. The sale is a testament of HVS’s ability to deliver powerful marketing solutions to our clients,” said Eric Guerrero, Managing Director of HVS Brokerage & Advisory.
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 select-service hotel property, built in 1995, was purchased by Landstar Hotels, based in Ciudad Juárez, Mexico, from Kiertan Laredo LLC, based in Houston, Texas.
“As we shift our focus to our other hotel assets, it was time to remove this Courtyard property from our portfolio. Laredo is a unique market that is appealing to a select group of investors. Eric and his team did a phenomenal job positioning the asset in the market and created a competitive bid process securing multiple offers from Mexican national investors. They got the deal closed on time, and we are very happy with the process,” commented Amita Patel, Kiertan Laredo LLC.
Despite the impact on most markets due to the COVID-19 pandemic, this hotel’s rooms revenue increased 9% in 2020. The property benefits from very good visibility off the frontage road along Interstate 35 in Laredo and is the closest premium-branded hotel to the U.S./Mexico border Puente Internacional 2 Juárez – Lincoln. The buyer has secured a long-term franchise license agreement with Marriott and plans to complete an extensive renovation of the hotel.
“We created a marketing approach for this asset that tapped into our firm’s international reach. We focused on Mexican investors that understand the nuances of the Laredo market. Through this, we secured a highly qualified existing Marriott franchisee that could close the deal quickly with no re-trades. The sale is a testament of HVS’s ability to deliver powerful marketing solutions to our clients,” said Eric Guerrero, Managing Director of HVS Brokerage & Advisory.
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 services related to investment sales and capital markets, 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