HOUSTON, TX, April 13, 2022: HVS Brokerage & Advisory announces the sale of the lender-owned (REO), 64-key Homewood Suites by Hilton Houston IAH Airport, located at 1340 North Sam Houston Parkway East, Houston, Texas 77032.
The extended-stay hotel property, built in 2003, was purchased by Magnolia Hospitality Group, based in Dallas, Texas, from Rialto Capital Management, based in Miami, Florida.
The hotel was extensively renovated in 2019, with a complete refresh of the guestrooms, common areas, and exterior. The property qualified for a new, 15-year franchise license agreement with Hilton at closing.
“Because selling an airport hotel in a post-COVID environment is challenging, it was essential to demonstrate the strong recovery to the buyer pool. We achieved excellent results by using the Ten-X online auction process in order to sell the hotel. Over 300 confidentiality agreements were executed, with 27 fully approved bidders. After quickly meeting the reserve, four buyers actively bid against one other and drove pricing to 106% of the reserve price. The winning bidder was attracted to the Hilton brand affiliation and extended-stay product offering. We wish Magnolia Hospitality Group the best of success as it moves forward with revitalizing the hotel,” said Eric Guerrero, Managing Director and Partner of HVS Brokerage & Advisory.
The property benefits from its strategic location along Beltway 8 between Interstate 45 and the Hardy Toll Road, near a multitude of demand generators including George Bush Intercontinental Airport (IAH), Halliburton, Baker Hughes, Schlumberger, Hurricane Harbor Splashtown Waterpark, and Sam Houston Race Park.
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 hotel property, built in 2003, was purchased by Magnolia Hospitality Group, based in Dallas, Texas, from Rialto Capital Management, based in Miami, Florida.
The hotel was extensively renovated in 2019, with a complete refresh of the guestrooms, common areas, and exterior. The property qualified for a new, 15-year franchise license agreement with Hilton at closing.
“Because selling an airport hotel in a post-COVID environment is challenging, it was essential to demonstrate the strong recovery to the buyer pool. We achieved excellent results by using the Ten-X online auction process in order to sell the hotel. Over 300 confidentiality agreements were executed, with 27 fully approved bidders. After quickly meeting the reserve, four buyers actively bid against one other and drove pricing to 106% of the reserve price. The winning bidder was attracted to the Hilton brand affiliation and extended-stay product offering. We wish Magnolia Hospitality Group the best of success as it moves forward with revitalizing the hotel,” said Eric Guerrero, Managing Director and Partner of HVS Brokerage & Advisory.
The property benefits from its strategic location along Beltway 8 between Interstate 45 and the Hardy Toll Road, near a multitude of demand generators including George Bush Intercontinental Airport (IAH), Halliburton, Baker Hughes, Schlumberger, Hurricane Harbor Splashtown Waterpark, and Sam Houston Race Park.
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 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