HOUSTON, TX, January 11, 2023: HVS Brokerage & Advisory announces the sale of the 92-key Best Western Premier Houston Katy, located at 1549 Westborough Drive, Katy, Texas 77449.
The property, built in 2016, was purchased by Mehr Consultancy, based in Bakersfield, California, from West Houston Lodging Group LLC, based in Houston, Texas.
Sanjay Desai of West Houston Lodging Group LLC commented, “This is the second transaction that we’ve sold through the HVS team. Once we signed the listing, they worked quickly and were able to secure a West Coast-based buyer before formally marketing the asset. I appreciate their team’s efforts, communication, and commitment to get the transaction closed.”
The custom-built property benefits from its strategic location along Interstate 10, between the Katy and Houston Energy Corridor submarkets. The Katy area accounts for over $21 billion in sales and includes roughly 11,000 companies, with over 200 corporations headquartered here, including Academy Sports + Outdoors, BP North America, GEICO, Igloo Products, Schlumberger, Shell Exploration & Production, and Goya Foods, among others. Additionally, the Energy Corridor is home to several of the largest international energy companies in the world, as well as 300 multi-national, national, and local companies.
“This asset is a market leader, beating out several higher branded hotels within its competitive set. Therefore, this was a quick execution where we were able to source a California buyer at the full pricing guidance before launching the listing on the market. Given the volatility within the capital markets, we had to overcome financing issues in the middle of the escrow process that involved securing a new CDC for the SBA 504 financing. We appreciate the seller’s patience and the buyer’s commitment to close the deal,” said Eric Guerrero, Senior 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.
Media Contact:
Lizzette Casarin
Marketing Director
[email protected]
+1 (720) 244-7620
The property, built in 2016, was purchased by Mehr Consultancy, based in Bakersfield, California, from West Houston Lodging Group LLC, based in Houston, Texas.
Sanjay Desai of West Houston Lodging Group LLC commented, “This is the second transaction that we’ve sold through the HVS team. Once we signed the listing, they worked quickly and were able to secure a West Coast-based buyer before formally marketing the asset. I appreciate their team’s efforts, communication, and commitment to get the transaction closed.”
The custom-built property benefits from its strategic location along Interstate 10, between the Katy and Houston Energy Corridor submarkets. The Katy area accounts for over $21 billion in sales and includes roughly 11,000 companies, with over 200 corporations headquartered here, including Academy Sports + Outdoors, BP North America, GEICO, Igloo Products, Schlumberger, Shell Exploration & Production, and Goya Foods, among others. Additionally, the Energy Corridor is home to several of the largest international energy companies in the world, as well as 300 multi-national, national, and local companies.
“This asset is a market leader, beating out several higher branded hotels within its competitive set. Therefore, this was a quick execution where we were able to source a California buyer at the full pricing guidance before launching the listing on the market. Given the volatility within the capital markets, we had to overcome financing issues in the middle of the escrow process that involved securing a new CDC for the SBA 504 financing. We appreciate the seller’s patience and the buyer’s commitment to close the deal,” said Eric Guerrero, Senior 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.
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