HVS Brokerage & Advisory Closes Sale of Homewood Suites by Hilton Beaumont, TX

HVS Brokerage & Advisory announces the sale of the 79-key Homewood Suites by Hilton Beaumont, located at 3745 I-10 Access Road, Beaumont, Texas 77705.
HOUSTON, TX, April 28, 2023HVS Brokerage & Advisory announces the sale of the 79-key Homewood Suites by Hilton Beaumont, located at 3745 I-10 Access Road, Beaumont, Texas 77705.
The property, built in 2010, was purchased by Capital One Hotel Group, based in Spring, Texas, from Pride Management, based in Beaumont, Texas.
Anthony Patel, President and CEO of Pride Management, commented, “The HVS Brokerage & Advisory team has sold six hotels for our ownership group over the last three years, and it is always a pleasure working with them. They get their whole team involved in the transaction and I appreciate that I can always get someone on the phone. They are proactive throughout the entire process and are thoroughly involved with all third parties.”

The property benefits from excellent visibility and accessibility off the frontage road near the interchange of Interstate 10 and Walden Road, near numerous dining, retail, and entertainment options, positive attributes for both business and transient guests; nearby available retail and dining options include Historic Crockett Street, Parkdale Mall, Twin Peaks, Cheddar’s Scratch Kitchen, Pappadeaux Seafood Kitchen, and Cracker Barrel. The property is also proximate to the Port of Beaumont, a world-class intermodal transportation facility situated on a deep-water channel with a 40-foot draft that is served by three class-one rail carriers. Southeast Texas is the #1 exporter of crude in the nation, #1 exporter of liquid natural gas, and has the third-largest refining capacity in the United States.

“This sale represents the third hotel that we have sold in Beaumont in the past year. Through a targeted off-market process, we were able to help two valued clients. Pride was looking to recycle its equity into some new development projects, and Capital One was looking to complement its Hilton Garden Inn Beaumont, located next door. During the escrow process, we overcame several challenges, with the largest being that the hotel was in the middle of a large-scale renovation. Additionally, the capital markets were in a state of flux, so the buyer ended up acquiring the hotel in an all-cash transaction,” said Eric Guerrero, Senior Managing Director, Partner of HVS Brokerage & Advisory.

HVS Brokerage & Advisory team members Eric GuerreroJames RebullidaFadi 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. 
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