HOUSTON, TX, June 9, 2023: HVS Brokerage & Advisory announces the sale of the 74-key SpringHill Suites by Marriott Galveston Island, located at 6303 Broadway Street, Galveston, Texas 77551.
The property, built in 2008, was purchased by PWZ Capital Group, based in Sommerville, Texas, from Omkar Group Galveston, based in Sugar Land, Texas.
Praful “Pat” Patel, President of Omkar Group Galveston, commented, “Eric, James, and the entire HVS Team successfully orchestrated a repositioning of our lodging portfolio. During our post-COVID discussions, they advised us on four hotels and three deals over a two-year period. It has been a pleasure working with such a talented, proactive team, and we look forward to continuing our relationship in the future. I highly recommend them if you want help in reaching your hospitality goals.”
The property benefits from its strategic location near the Interstate 45 and 61st Street interchange, near the refineries in Texas City and many tourism and leisure attractions, including the beaches, Port of Galveston Cruise Terminal, Pleasure Pier, Moody Gardens, Galveston Island Convention Center, and Schlitterbahn Galveston Island Waterpark.
“This is the second hotel sale we completed for the seller in the past two years. We appreciate Omkar Group’s confidence in us and their flexibility during the escrow process. After selecting a buyer, the lending environment shifted. Despite the market headwinds, we found the right lender for the buyer. This is the buyer’s first Marriott-branded asset, and we are excited to see the product post-renovation,” said James Rebullida, Vice President of HVS Brokerage & Advisory.
HVS Brokerage & Advisory team members Eric Guerrero, James Rebullida, Fadi Rawashdeh, and Kyle Peterek participated in this transaction.
Media Contact:
Lizzette Casarin
Senior Marketing Director
[email protected]
+1 (720) 244-7620
The property, built in 2008, was purchased by PWZ Capital Group, based in Sommerville, Texas, from Omkar Group Galveston, based in Sugar Land, Texas.
Praful “Pat” Patel, President of Omkar Group Galveston, commented, “Eric, James, and the entire HVS Team successfully orchestrated a repositioning of our lodging portfolio. During our post-COVID discussions, they advised us on four hotels and three deals over a two-year period. It has been a pleasure working with such a talented, proactive team, and we look forward to continuing our relationship in the future. I highly recommend them if you want help in reaching your hospitality goals.”
The property benefits from its strategic location near the Interstate 45 and 61st Street interchange, near the refineries in Texas City and many tourism and leisure attractions, including the beaches, Port of Galveston Cruise Terminal, Pleasure Pier, Moody Gardens, Galveston Island Convention Center, and Schlitterbahn Galveston Island Waterpark.
“This is the second hotel sale we completed for the seller in the past two years. We appreciate Omkar Group’s confidence in us and their flexibility during the escrow process. After selecting a buyer, the lending environment shifted. Despite the market headwinds, we found the right lender for the buyer. This is the buyer’s first Marriott-branded asset, and we are excited to see the product post-renovation,” said James Rebullida, Vice President of HVS Brokerage & Advisory.
HVS Brokerage & Advisory team members Eric Guerrero, James Rebullida, Fadi Rawashdeh, and Kyle Peterek 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
Senior Marketing Director
[email protected]
+1 (720) 244-7620