HOUSTON, TX, September 15, 2021: HVS Brokerage & Advisory announces the sale of the 82-key Hampton Inn & Suites by Hilton Houston - Westchase, located at 6440 W. Sam Houston Parkway South, Houston, Texas 77072.
The limited-service hotel property, built in 1995, was purchased by Contender One LLC, based in Los Angeles, California, from Sarjudash Ltd., based in Houston, Texas.
The property was marketed and sold through the Ten-X auction platform; broadcast to a nationwide audience, it yielded a purchase price that was 138% of the reserve. The marketing campaign reached investors beyond the hospitality sector, of which the buyer was one. The buyer plans to repurpose the building in the near future, rather than continuing with its Hilton franchise.
“We originally tried selling the asset last year using a more traditional marketing method but faced challenges in securing a qualified buyer due to the impact of the pandemic. We then suggested to the seller that we utilize the Ten-X auction platform. Consequently, the property received extensive interest beyond the typical profile of buyers. Using the auction process also resulted in offers that exceeded the seller’s expectations. Buyers were attracted to its location within Houston’s Chinatown, with over thirty unique bidders registering for the auction,” said James Rebullida, Senior Associate of HVS Brokerage & Advisory.
HVS Brokerage & Advisory team members Eric Guerrero, James Rebullida, and Fadi Rawashdeh participated in this transaction.
Media Contact:
Lizzette Casarin
Marketing Director
[email protected]
+1 (720) 244-7620
The limited-service hotel property, built in 1995, was purchased by Contender One LLC, based in Los Angeles, California, from Sarjudash Ltd., based in Houston, Texas.
The property was marketed and sold through the Ten-X auction platform; broadcast to a nationwide audience, it yielded a purchase price that was 138% of the reserve. The marketing campaign reached investors beyond the hospitality sector, of which the buyer was one. The buyer plans to repurpose the building in the near future, rather than continuing with its Hilton franchise.
“We originally tried selling the asset last year using a more traditional marketing method but faced challenges in securing a qualified buyer due to the impact of the pandemic. We then suggested to the seller that we utilize the Ten-X auction platform. Consequently, the property received extensive interest beyond the typical profile of buyers. Using the auction process also resulted in offers that exceeded the seller’s expectations. Buyers were attracted to its location within Houston’s Chinatown, with over thirty unique bidders registering for the auction,” said James Rebullida, Senior Associate of HVS Brokerage & Advisory.
HVS Brokerage & Advisory team members Eric Guerrero, James Rebullida, 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
Marketing Director
[email protected]
+1 (720) 244-7620