HOUSTON, TX, April 22, 2022: HVS Brokerage & Advisory announces the sale of the 80-key Comfort Suites Sulphur – Lake Charles, located at 2505 Highway 108 South, Lake Charles, Louisiana 70665.
The limited-service hotel property, built in 2009, was sold via an online auction on Ten-X and was purchased by LA Asset Reserves LLC, based in Lake Charles, from SAI Hotel Inc., based in Sulphur, Louisiana.
At the time of sale, the hotel had an existing franchisee license agreement with Choice Hotels that was to expire in June 2022; thus, it presented a unique opportunity to reposition and rebrand the hotel.
“This is the second hotel that we have sold with HVS and Ten-X within the past year. From the beginning of marketing to closing the deal, it was about a three-month process. They did a great job exposing the hotel to buyers from across the country and showing the upside of investing in the Sulphur market given all the economic growth. As we continue to dispose of our non-core assets, HVS is our go-to broker,” commented Nilesh (Nick) Patel, Chief Development Officer of Pride Management, Inc.
The property benefits from its location directly off Interstate 10, which connects to such cities as Beaumont and Houston to the west, and to Lafayette, Baton Rouge, and New Orleans to the east, with easy access to three major casinos, West-Cal Arena & Events Center, Pattison Sports Complex, SPAR Water Park, and many petrochemical plants.
“This deal presented a few challenges, mainly not being able to retain a long-term Choice Hotels franchise agreement for the Comfort Suites brand and the tertiary market of Sulphur. Using Ten-X, we generated a strong interest and focused our deal story on the high in-place cash flow and over $80 billion of refinery investments happening locally. Additionally, the buyer had the ability to rebrand the hotel as a Sleep Inn, which is still within the Choice Hotels family. The ultimate buyer was a first-time investor who owns several other businesses locally and had a strong understanding of the market,” said Eric Guerrero, Managing Director and Partner of HVS Brokerage & Advisory.
Eric Vincent Guerrero, a licensed Louisiana real estate broker, served as broker of record for HVS Brokerage & Advisory. James Rebullida, and Fadi Rawashdeh also participated in this transaction.
Media Contact:
Lizzette Casarin
Marketing Director
[email protected]
+1 (720) 244-7620
The limited-service hotel property, built in 2009, was sold via an online auction on Ten-X and was purchased by LA Asset Reserves LLC, based in Lake Charles, from SAI Hotel Inc., based in Sulphur, Louisiana.
At the time of sale, the hotel had an existing franchisee license agreement with Choice Hotels that was to expire in June 2022; thus, it presented a unique opportunity to reposition and rebrand the hotel.
“This is the second hotel that we have sold with HVS and Ten-X within the past year. From the beginning of marketing to closing the deal, it was about a three-month process. They did a great job exposing the hotel to buyers from across the country and showing the upside of investing in the Sulphur market given all the economic growth. As we continue to dispose of our non-core assets, HVS is our go-to broker,” commented Nilesh (Nick) Patel, Chief Development Officer of Pride Management, Inc.
The property benefits from its location directly off Interstate 10, which connects to such cities as Beaumont and Houston to the west, and to Lafayette, Baton Rouge, and New Orleans to the east, with easy access to three major casinos, West-Cal Arena & Events Center, Pattison Sports Complex, SPAR Water Park, and many petrochemical plants.
“This deal presented a few challenges, mainly not being able to retain a long-term Choice Hotels franchise agreement for the Comfort Suites brand and the tertiary market of Sulphur. Using Ten-X, we generated a strong interest and focused our deal story on the high in-place cash flow and over $80 billion of refinery investments happening locally. Additionally, the buyer had the ability to rebrand the hotel as a Sleep Inn, which is still within the Choice Hotels family. The ultimate buyer was a first-time investor who owns several other businesses locally and had a strong understanding of the market,” said Eric Guerrero, Managing Director and Partner of HVS Brokerage & Advisory.
Eric Vincent Guerrero, a licensed Louisiana real estate broker, served as broker of record for HVS Brokerage & Advisory. James Rebullida, and Fadi Rawashdeh also 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