HOUSTON, TX, January 14, 2020: HVS Brokerage & Advisory announces the sale of the 100-key Home2 Suites by Hilton Lubbock, located at 6004 Marsha Sharp Freeway, Lubbock, Texas 79407; and the 101-key Fairfield Inn & Suites by Marriott Lubbock Southwest, located at 6435 50th Street, Lubbock, Texas 79407.
The properties, built in 2015 and 2017, respectively, were purchased by Lodging Fund REIT III Inc. by Legendary Acquisitions, a publicly registered non-traded REIT, from Treemont Partners, based in Houston. Both assets were encumbered with CMBS debt, which was assumed by Lodging Fund REIT III Inc., acquiring the assets based on an attractive cap-rate basis and the anticipation of continued economic growth in the region.
Philip McRae, CEO of Treemont Partners, commented, “It was great working with HVS to get these assets sold. Having the portfolio sale handled discretely was of utmost importance to me, as their targeted marketing process focused on qualified buyers, who had the capability to assume both CMBS loans. I look forward to working with Eric and his team again the future.”
The properties are strategically located in Lubbock, also known as the Hub City, given that it is the economic, education, and healthcare hub of a multi-county region known historically as the Llano Estacado, or Staked Plains. Major demand generators in the area include the growing Texas Tech University, Lubbock Christian University, South Plains College, Covenant Medical Center, and University General Hospital.
“The Fairfield Inn & Suites and Home2 Suites are great brands with growing footprints, and these two properties are solid market performers,” says Dave Durell, Chief Acquisitions Officer at Legendary Acquisitions. “They are strategically located in a growing part of Lubbock, well maintained, and feature unique design themes that set them apart from competitors. We’re looking forward to the diversity and performance both hotels will bring to our portfolio.”
“This sale shows the strength of the HVS platform on the investment sale side. We have significant success with our targeted marketing process, with over 40% of our closed transactions utilizing this approach. We tailor our approach to fit the needs of each client, and I’m happy we were able to close on this deal for Treemont. The low-leverage CMBS loan assumption with two separate servicers made the transaction challenging, but Legendary Acquisitions did a great job navigating the process. We appreciate Treemont trusting us to get this done for them,” said Eric Guerrero, Managing Director of HVS.
HVS Brokerage & Advisory team members Eric Guerrero, Drew Noecker, and James Rebullida
participated in this transaction.
Media Contact:
Lizzette Casarin
Marketing Director
[email protected]
+1 (720) 244-7620
The properties, built in 2015 and 2017, respectively, were purchased by Lodging Fund REIT III Inc. by Legendary Acquisitions, a publicly registered non-traded REIT, from Treemont Partners, based in Houston. Both assets were encumbered with CMBS debt, which was assumed by Lodging Fund REIT III Inc., acquiring the assets based on an attractive cap-rate basis and the anticipation of continued economic growth in the region.
Philip McRae, CEO of Treemont Partners, commented, “It was great working with HVS to get these assets sold. Having the portfolio sale handled discretely was of utmost importance to me, as their targeted marketing process focused on qualified buyers, who had the capability to assume both CMBS loans. I look forward to working with Eric and his team again the future.”
The properties are strategically located in Lubbock, also known as the Hub City, given that it is the economic, education, and healthcare hub of a multi-county region known historically as the Llano Estacado, or Staked Plains. Major demand generators in the area include the growing Texas Tech University, Lubbock Christian University, South Plains College, Covenant Medical Center, and University General Hospital.
“The Fairfield Inn & Suites and Home2 Suites are great brands with growing footprints, and these two properties are solid market performers,” says Dave Durell, Chief Acquisitions Officer at Legendary Acquisitions. “They are strategically located in a growing part of Lubbock, well maintained, and feature unique design themes that set them apart from competitors. We’re looking forward to the diversity and performance both hotels will bring to our portfolio.”
“This sale shows the strength of the HVS platform on the investment sale side. We have significant success with our targeted marketing process, with over 40% of our closed transactions utilizing this approach. We tailor our approach to fit the needs of each client, and I’m happy we were able to close on this deal for Treemont. The low-leverage CMBS loan assumption with two separate servicers made the transaction challenging, but Legendary Acquisitions did a great job navigating the process. We appreciate Treemont trusting us to get this done for them,” said Eric Guerrero, Managing Director of HVS.
HVS Brokerage & Advisory team members Eric Guerrero, Drew Noecker, 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 January 2020, the group has ten engagements in excess of $100 million that it is actively marketing for sale.Media Contact:
Lizzette Casarin
Marketing Director
[email protected]
+1 (720) 244-7620