The property, built in 1984 and renovated in 2020, was purchased by Pride Management, based in Beaumont, Texas, from American Liberty Hospitality (ALH), based in Houston, Texas.
“It was a pleasure working with two of our top clients on this transaction. ALH was looking to dispose of a legacy asset, and Pride Management has been active in growing its portfolio in the Golden Triangle. This property has an excellent location along Interstate 10, and Pride is planning a full-scale renovation and conversion of the hotel to a Baymont by Wyndham, to include some extended-stay rooms. Through a broad marketing process, we procured multiple offers from a nationwide pool of buyers, and Pride was chosen due to the strong deal terms,” said Eric Guerrero, Managing Director and Partner of HVS Brokerage & Advisory.
The property benefits from its strategic location near the interchange of Interstate 10 and U.S. Highway 287, near a multitude of corporate drivers including the expanding ExxonMobil refinery, Chevron, Motiva Enterprises, Sunoco Logistics, Huntsman, BASF, Total Petrochemicals, Valero, Port of Beaumont, Lamar University, and Ford Park. The Beaumont/Port Arthur market has an abundance of petrochemical refineries, and the industry has been experiencing a boom in growth because of the increased global demand.
HVS Brokerage & Advisory team members Eric Guerrero, James Rebullida, Fadi Rawashdeh, and Kyle Peterek 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
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+1 (720) 244-7620