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Chicago Hotel Investor Buys Houston Property

Holliday Inn in Tomball.

Holiday Inn in Tomball.

HOUSTON –– An entity led by hotel investor Harish Dani has acquired a 72-room hotel in suburban Houston.

CBRE Hotels handled the sale of a Holiday Inn Express & Suites Houston NW-Tomball, located at 14055 Park Drive in Tomball, Texas. PH Lodging Tomball, LLC purchased the hotel from Preeminent Hotels.

“I am excited to complete my first acquisition in the Houston market and currently have another hotel under-contract in the city. Because of my strong relationship with IHG, the Tomball hotel was an ideal property to purchase. CBRE Hotels was successful in getting my Wingate sold in Schaumburg, IL and finding a good hotel for me to exchange into,” Harish Dani, Vice President, PH Lodging Tomball, LLC.

CBRE Hotels’ Eric Guerrero, Michael Yu, Rahul Bijlani, Dennis Drake and James Foxx represented both sides of the deal.

Houston’s hotel occupancy rates have declined in Houston, where the economy has been pelted by a troubles in the energy industry.

But investors still looking for premium branded hotels in the Houston market, Guererro said. “Based on market feedback, there are a good amount of investors wanting to get into the Houston market. Most investors are expecting a rebound in occupancy and room rates in 2018, so we suspect there might be a light at the end of the tunnel.”

Year-to-date, this sale represents the 21st hotel transaction for these CBRE Hotels’ professionals in Houston, who have an additional seven transactions under-contract and 20 hotels exclusively listed for sale. Out of the transactions under-contract, three are IHG branded hotels in the Houston area.

Dec. 27, 2016 Realty News Report Copyright 2016

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