HOUSTON, TX, May 16, 2022: HVS Brokerage & Advisory announces the sale of the 132-key Studio 6 Houston – Clear Lake, located at 15313 Gulf Freeway, Houston, Texas 77034.
The extended-stay hotel property was built in 2003 and was purchased by Siegel Group, based in Las Vegas, Nevada, from WMF Investments, based in Houston, Texas.
Angela Friedrichs, Principal of WMF Investments, commented “Working with the team at HVS was the absolute best and smoothest experience I’ve ever had. Having a discreet sale was important to us, and through a confidential process, they procured a buyer quickly that closed in 45 days. They do everything they promise!”
This transaction highlights HVS’s ability to successfully execute a targeted sales process resulting in an off-market transaction that had a mutually beneficial outcome for both the seller and buyer, both of whom are local investors in the Houston market.
“We tailored a marketing approach that focused on buyers that are familiar with the red-hot, extended-stay space. Despite the stable performance, there was still strong upside in the deal through a renovation and upward push in average rate. Through this approach, we exceeded our original expectations and sold the asset for more than our original BOV guidance. The Siegel Group has repositioned it as a short-term apartment model, named Siegel Select, focusing primarily on weekly and monthly guests,” said Eric Guerrero, Managing Director and Partner of HVS Brokerage & Advisory.
The property benefits from its diverse mix of demand generators in the area, including NASA’s Johnson Space Center, Kemah Boardwalk, Arkema, Honeywell, Celanese, Bayer, ExxonMobil, and the Bayport Industrial District.
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 was built in 2003 and was purchased by Siegel Group, based in Las Vegas, Nevada, from WMF Investments, based in Houston, Texas.
Angela Friedrichs, Principal of WMF Investments, commented “Working with the team at HVS was the absolute best and smoothest experience I’ve ever had. Having a discreet sale was important to us, and through a confidential process, they procured a buyer quickly that closed in 45 days. They do everything they promise!”
This transaction highlights HVS’s ability to successfully execute a targeted sales process resulting in an off-market transaction that had a mutually beneficial outcome for both the seller and buyer, both of whom are local investors in the Houston market.
“We tailored a marketing approach that focused on buyers that are familiar with the red-hot, extended-stay space. Despite the stable performance, there was still strong upside in the deal through a renovation and upward push in average rate. Through this approach, we exceeded our original expectations and sold the asset for more than our original BOV guidance. The Siegel Group has repositioned it as a short-term apartment model, named Siegel Select, focusing primarily on weekly and monthly guests,” said Eric Guerrero, Managing Director and Partner of HVS Brokerage & Advisory.
The property benefits from its diverse mix of demand generators in the area, including NASA’s Johnson Space Center, Kemah Boardwalk, Arkema, Honeywell, Celanese, Bayer, ExxonMobil, and the Bayport Industrial District.
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