HOUSTON, TX, October 1, 2021: HVS Brokerage & Advisory announces the sale of the 74-key Homewood Suites by Hilton, located at 14450 Park Row, Houston, Texas 77084.
The limited-service, extended-stay hotel property, built in 2007, was purchased by J&B Lodge LLC, based in Michigan, from Sunny Garden LLC, based in Houston, Texas.
The property was marketed and sold through the Ten-X auction platform; broadcast to a nationwide audience, it yielded over 29 qualified bidders during the auction.
Extended-stay hotels have performed significantly better than other hotel types during the COVID-19 pandemic; at the time of closing, this hotel’s occupancy was over 70%. The buyer was attracted to the opportunity to acquire a strong-performing, Hilton-branded, extended-stay hotel at below replacement cost and the expected benefit from the anticipated economic rebound in the aftermath of the worst period of the pandemic.
“This is the second time that we have sold this asset within the past two years. Similar to last time, the interest level was strong from the marketplace given the hotel’s location and Hilton brand affiliation. Using the creative Ten-X marketing platform and online auction, we experienced multiple bids from out-of-state buyers. The ultimate winning bidder acquired its first Texas hotel asset, and we wish the company well as it continues to grow its Texas hotel portfolio. This sale points to our firm’s nationwide reach and strong deal execution,” 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 limited-service, extended-stay hotel property, built in 2007, was purchased by J&B Lodge LLC, based in Michigan, from Sunny Garden LLC, based in Houston, Texas.
The property was marketed and sold through the Ten-X auction platform; broadcast to a nationwide audience, it yielded over 29 qualified bidders during the auction.
Extended-stay hotels have performed significantly better than other hotel types during the COVID-19 pandemic; at the time of closing, this hotel’s occupancy was over 70%. The buyer was attracted to the opportunity to acquire a strong-performing, Hilton-branded, extended-stay hotel at below replacement cost and the expected benefit from the anticipated economic rebound in the aftermath of the worst period of the pandemic.
“This is the second time that we have sold this asset within the past two years. Similar to last time, the interest level was strong from the marketplace given the hotel’s location and Hilton brand affiliation. Using the creative Ten-X marketing platform and online auction, we experienced multiple bids from out-of-state buyers. The ultimate winning bidder acquired its first Texas hotel asset, and we wish the company well as it continues to grow its Texas hotel portfolio. This sale points to our firm’s nationwide reach and strong deal execution,” 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