HOUSTON, TX, February 21, 2024: HVS Brokerage & Advisory announces the sale of the 107-key Holiday Inn Express & Suites Lubbock Central – University Area, located at 2115 Marsha Sharp Freeway, Lubbock, Texas 79415. The property, built in 2018, was purchased by Capital One Hotel Group, based in Spring, Texas, from Insignia Hospitality Group, based in Midland, Texas.
Darpan Bhakta, President of Insignia Hospitality Group, commented, “I appreciate the HVS team’s speed in generating a competitive market and securing multiple offers for our last remaining property in Lubbock. We negotiated a deal with an all-cash buyer with a non-refundable deposit on day one of the PSA and closed on time. Eric’s ongoing communication helped us overcome several obstacles during the transaction. I look forward to working with his entire team again.”
The property benefits from excellent visibility and accessibility off the frontage road along Marsha Sharp Freeway/U.S. Highway 82. It is located less than a mile from Texas Tech University (TTU), which comprises eleven colleges and serves over 40,000 students; by 2025, university officials anticipate that enrollment will surpass 45,000 students. The property is near numerous dining, retail, and entertainment options, which is a positive attribute for both business and transient guests year-round.
“We appreciated the opportunity to represent Insignia Hospitality again on another successful disposition in Lubbock. Given the property’s excellent location near Texas Tech University and minimal PIP requirements, there was significant interest in the market, and we received multiple offers. The buyer was an all-cash group that is expanding its Texas hotel portfolio. I’m pleased that our team has transacted the highest price-per-key hotel sales in the Lubbock market within the past five years,” said Eric Guerrero, Senior Managing Director, Partner of HVS Brokerage & Advisory.
HVS Brokerage & Advisory team members Eric Guerrero, James Rebullida, Kyle Peterek, and Fadi Rawashdeh participated in this transaction.
Media Contact:
Lizzette Casarin
Senior Marketing Director
[email protected]
+1 (720) 244-7620
Darpan Bhakta, President of Insignia Hospitality Group, commented, “I appreciate the HVS team’s speed in generating a competitive market and securing multiple offers for our last remaining property in Lubbock. We negotiated a deal with an all-cash buyer with a non-refundable deposit on day one of the PSA and closed on time. Eric’s ongoing communication helped us overcome several obstacles during the transaction. I look forward to working with his entire team again.”
The property benefits from excellent visibility and accessibility off the frontage road along Marsha Sharp Freeway/U.S. Highway 82. It is located less than a mile from Texas Tech University (TTU), which comprises eleven colleges and serves over 40,000 students; by 2025, university officials anticipate that enrollment will surpass 45,000 students. The property is near numerous dining, retail, and entertainment options, which is a positive attribute for both business and transient guests year-round.
“We appreciated the opportunity to represent Insignia Hospitality again on another successful disposition in Lubbock. Given the property’s excellent location near Texas Tech University and minimal PIP requirements, there was significant interest in the market, and we received multiple offers. The buyer was an all-cash group that is expanding its Texas hotel portfolio. I’m pleased that our team has transacted the highest price-per-key hotel sales in the Lubbock market within the past five years,” said Eric Guerrero, Senior Managing Director, Partner of HVS Brokerage & Advisory.
HVS Brokerage & Advisory team members Eric Guerrero, James Rebullida, Kyle Peterek, 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
Senior Marketing Director
[email protected]
+1 (720) 244-7620