HOUSTON, TX, April 19, 2021: HVS Brokerage & Advisory announces the sale of the 64-key Comfort Suites Houston NW – Vintage Park, located at 2122 Tomball Parkway, Houston, Texas 77070.
The limited-service property, built in 2000, was purchased by Patel Capital Groups, based in Houston, Texas, from West Wind Hospitality, based in Irvine, California.
Aman Patel, Managing Principal of Patel Capital Groups commented “We are happy to complete our purchase of the Comfort Suites. We look forward to enhancing the current operations and capitalizing on the rebound of the Houston market. The HVS team has been great to work with, and I appreciate their hands-on involvement to facilitate a smooth escrow process to complete the transaction.”
The property benefits from its strategic location along State Highway 249, near a multitude of demand generators including Filtration Technology Corporation, GE Oil & Gas, GENERON, Essentra Pipe Protection Technologies, FMC Technologies, Amazon Flex Warehouse, and Rubicon Oilfield International, as well as Willowbrook Methodist Hospital and St. Luke’s Health – The Vintage Hospital.
James Rebullida, HVS Brokerage & Advisory Senior Associate, explained “We conducted a targeted marketing process and identified a qualified buyer. The buyer offered a significant, non-refundable, earnest money deposit on the first day of the PSA and showed a strong commitment to the deal. With the current SBA debt relief program, we are seeing high interest from both local and out-of-state buyers seeking hotel assets under $5 million.”
HVS Brokerage & Advisory team members Eric Guerrero, James Rebullida, and Fadi Rawashdeh participated in this transaction.
The Brokerage & Advisory Division is a specialized group within HVS that offers investment sales and capital markets 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.
About HVSHVS is the world’s leading consulting and valuation services organization focused on the hotel, restaurant, shared ownership, gaming, and leisure industries. Established in 1980, the company performs more than 4,500 assignments per year for virtually every major industry participant. HVS principals are regarded as the leading professionals in their respective regions of the globe. Through a worldwide network of 50 offices staffed by more than 250 experienced industry professionals, HVS provides an unparalleled range of complementary services for the hospitality industry. For further information regarding our expertise and specifics about our services, please visit www.hvs.com.
+1 (720) 244-7620