HOUSTON, TX, September 11, 2019: HVS Brokerage & Advisory announced that it has closed on the sale of the 74-key Homewood Suites by Hilton Houston West-Energy Corridor, located at 14450 Park Row Drive, Houston, Texas.
The property was purchased from Park 10 Lodging by Sunny Garden LLC, becoming Sunny Garden’s second Hilton asset. The transaction, completed in less than 60 days, demonstrates HVS’s ability to quickly develop a proactive marketing approach that delivers results.
"The HVS team demonstrated an extensive knowledge of the market, property, and pricing. They executed a thorough marketing process and found a local buyer that closed the transaction in less than 60 days. They went above and beyond in terms of customer service throughout the entire transaction," commented Sanjay Desai, Park 10 Lodging Group.
"This is a well-located, quality property, despite the Houston Energy Corridor submarket’s recent drop in corporate demand. We positioned this property as one with future upside opportunity when the Houston hotel market recovers. Using a comprehensive marketing approach, we generated multiple offers and completed the transaction with a repeat client who believes in the property’s location," said Eric Guerrero, an HVS Brokerage & Advisory Managing Director who worked with the client on this deal.
This Homewood Suites, built in 2007, benefits from its strategic location near Houston’s West-Energy Corridor and many corporate and leisure demand drivers. The Energy Corridor district includes several of the largest international energy companies in the world, such as BP Energy, Wyatt Field Services, Shell Oil, and CITGO Petroleum. It is also home to 300 multinational, national, and local companies, as well as Texas Children’s Hospital West Campus, Memorial City Mall, and City Centre Plaza.
HVS Brokerage & Advisory team members Eric Guerrero, Drew Noecker, Michael Handy, and James Rebullida participated in this transaction.
About HVS Brokerage & Advisory
The Brokerage & Advisory Division is a specialized group within HVS that offers brokerage, debt and equity financing, and investment search services 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. As of September 2019, the group has seven engagements in excess of $70 million that it is actively marketing for sale; additionally, another six assets are under contract and are anticipated to close soon.
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