HOUSTON, TX, July 18, 2022: HVS Brokerage & Advisory announces the sale of the 71-key Best Western Plus I-45 North Inn & Suites, located at 220 Greens Landing Drive, Houston, Texas 77038.
The property, built in 2017, was purchased by Top Hospitality LLC, based in New Orleans, Louisiana, from Bridgewater Hospitality LLC, based in Houston, Texas.
Prashant Patel of Bridgewater Hospitality LLC commented, “I appreciate the thought and creativeness that Eric and his team used to get my hotel sold. They were quick to go to the market through a confidential process and targeted the right buyers. I have several family and friends that used them on other projects, and they always bring strong deal execution to the table. I look forward to working with them again.”
The property benefits from its location between the 971-acre Pinto Business Park and North Freeway Business Park. Pinto Business Park is home to the new, one-million-square-foot Coca Cola bottling plant. Additionally, the hotel had an excellent post-COVID recovery, with a 15.0% increase in rooms revenue in 2021 over 2019. Given the newer construction, a minimal change-of-ownership PIP was required as part of the transaction.
“This was a great off-market execution where the seller wanted to keep the buyer list minimal; therefore, we targeted a select group of owner/operators that were actively looking to acquire a Houston hotel. Given the newer construction and operational upside, we had multiple offers, and the final buyer was a Louisiana-based investor that will be relocating to Houston to grow its hotel portfolio. Recently, we have experienced a strong amount of out-of-state interest from buyers looking for Houston assets, as there is more upside here than in some of the other major Texas metros. We expect this trend to continue and for the Houston market to be highly active transactionally,” said Eric Guerrero, Managing Director and Partner 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.
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