HOUSTON, TX, November 17, 2022: HVS Brokerage & Advisory announces the sale of the 74-key Comfort Suites Houston Chinatown, located at 7707 West Sam Houston Parkway South, Houston, Texas 77072.
The select-service hotel property, built in 2013, was purchased by GN Hospitality Inc., based in Trophy Club, Texas, from PA Hospitality, based in Houston, Texas.
Alief Maredia, President of PA Hospitality commented, “It was a pleasure working with the HVS team on this sale. They were effective in their marketing execution and went above and beyond during the escrow process to get the property sold. Whenever any unforeseen events occurred throughout the transaction, the team made sure they were on top of the situation and resolved any issue that came about. When the buyer was selected, we appreciated the consistent updates and communication from the team. We look forward to working with the team again in the future.”
The property benefits from its location along Sam Houston Parkway in Houston’s Chinatown, near the Westpark Tollway and Interstate 69, situated between the Sugar Land and Westchase submarkets. As most markets continue to recover from the COVID-19 pandemic, this property has experienced a robust recovery, with rooms revenue increasing 45.0% in 2021, compared to 2019. The rebounding trend continued through the first two quarters of 2022, as revenue increased 13.7%, compared to the previous year.
Through a broad nationwide marketing campaign, HVS Brokerage & Advisory was able to procure multiple offers and select a buyer that successfully closed the transaction a month before the contracted timeline. The buyer secured a long-term franchise license agreement with Choice International Inc., with plans to complete an extensive renovation of the hotel.
“When we secured the listing, we had a short window to secure a buyer that could obtain financing and close the transaction given the current economic conditions and rising interest rates. To ensure we were successful and aligned with the seller’s goals, we required all potential investors to tour the property, verified their qualifications, and confirmed their ability to secure financing to avoid any hiccups during the escrow period. We also had the listing pre-qualified by a lender that ended up financing the deal for the purchaser. By working closely with all parties involved in the transaction, we were able to get the hotel sold earlier than expected,” said James Rebullida, Vice President of HVS Brokerage & Advisory.
HVS Brokerage & Advisory team members Eric Guerrero, James Rebullida, Fadi Rawashdeh. and Kyle Peterek participated in this transaction.
Media Contact:
Lizzette Casarin
Marketing Director
[email protected]
+1 (720) 244-7620
The select-service hotel property, built in 2013, was purchased by GN Hospitality Inc., based in Trophy Club, Texas, from PA Hospitality, based in Houston, Texas.
Alief Maredia, President of PA Hospitality commented, “It was a pleasure working with the HVS team on this sale. They were effective in their marketing execution and went above and beyond during the escrow process to get the property sold. Whenever any unforeseen events occurred throughout the transaction, the team made sure they were on top of the situation and resolved any issue that came about. When the buyer was selected, we appreciated the consistent updates and communication from the team. We look forward to working with the team again in the future.”
The property benefits from its location along Sam Houston Parkway in Houston’s Chinatown, near the Westpark Tollway and Interstate 69, situated between the Sugar Land and Westchase submarkets. As most markets continue to recover from the COVID-19 pandemic, this property has experienced a robust recovery, with rooms revenue increasing 45.0% in 2021, compared to 2019. The rebounding trend continued through the first two quarters of 2022, as revenue increased 13.7%, compared to the previous year.
Through a broad nationwide marketing campaign, HVS Brokerage & Advisory was able to procure multiple offers and select a buyer that successfully closed the transaction a month before the contracted timeline. The buyer secured a long-term franchise license agreement with Choice International Inc., with plans to complete an extensive renovation of the hotel.
“When we secured the listing, we had a short window to secure a buyer that could obtain financing and close the transaction given the current economic conditions and rising interest rates. To ensure we were successful and aligned with the seller’s goals, we required all potential investors to tour the property, verified their qualifications, and confirmed their ability to secure financing to avoid any hiccups during the escrow period. We also had the listing pre-qualified by a lender that ended up financing the deal for the purchaser. By working closely with all parties involved in the transaction, we were able to get the hotel sold earlier than expected,” said James Rebullida, Vice President of HVS Brokerage & Advisory.
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
Marketing Director
[email protected]
+1 (720) 244-7620