HOUSTON, TX, August 4, 2022: HVS Brokerage & Advisory announces the sale of the lender-owned (REO), 216-key Four Points by Sheraton Houston Greenway Plaza, located at 2828 Southwest Freeway, Houston, Texas 77098.
The mid-rise, select-service hotel property, built in 1975, was purchased by Rainier Development & Construction, based in Seattle, Washington, from Emigrant Bank, based in New York City, New York.
The property benefits from an excellent location within the Upper Kirby District, a densely developed and highly sought-after submarket in Houston. Patrons in Upper Kirby are offered easy access to high-profile names in retail, trendy boutiques, fine arts, a 5.6-acre urban green space (Levy Park), and some of the city’s most venerated restaurants. The adjacent Greenway Plaza business district is one of Houston’s largest employment centers, offering eleven buildings and nearly five million square feet of office space.
“I have gotten to know Eric Guerrero pretty well over the last two years. His knowledge of the Houston market is incredible. He was able to source buyers for us during a very challenged environment. He and his entire team are professional, responsive, and a pleasure to work with,” commented Rebeca Johnston, Emigrant Realty Finance.
Situated on 2.3 acres of land, this offering presented a rare opportunity to reposition and/or redevelop the hotel. New ownership plans to extensively renovate and convert the hotel into a multi-family residential asset. “Given the prime location in Houston’s Upper Kirby District (next to Levy Park), as well as the property’s ideal key count, this hotel asset was an excellent candidate for redevelopment. We focused our deal story on that opportunity, and through competitive marketing process, we secured eleven written offers, with more than half being from buyers focused on property conversions. The selected buyer will be renovating and repositioning the hotel into an affordable-housing, multi-family residential asset,” said Eric Guerrero, Managing Director and Partner of HVS Brokerage & Advisory.
HVS Brokerage & Advisory team members Eric Guerrero, James Rebullida, Fadi Rawashdeh, and Kyle Peterek participated in this transaction.
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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