HOUSTON – St. Louis-based Midas Hospitality purchased the 120-room Staybridge Suites near the Texas Medical Center. The hotel, 9000 South Main, is the first acquisition in Texas for Midas, which owns 41 hotels in 14 states.
The seller, Pride Management of Beaumont, was represented by CBRE Hotel’s Michael Yu, Rahul Bijani, Eric Guerrero and Agrama Mannapperuma.
The hotel has the proximity to the medical center made the property an attractive investment, says Midas Hospitality CEO David Robert.
“This opportunity fit perfectly with our company’s vision and capabilities,” said Midas Hospitality CEO David Robert. “Houston is a continuously evolving city, and we have researched this market for many years. The acquisition happened at the right time and place for us, and we could not be more excited to be a part of this growing community.”
“This transaction points to the sustained trend that the Texas Medical Center is the most sought after submarket to acquire hotels in Houston,” Guerrero said. “The Texas Medical Center area continues to be the strongest performing hotel submarket in Houston and has a highest entry barrier in the city, making it a safe place to invest.”
The Staybridge Suites sale achieved very aggressive pricing on a cost per room cost basis, Yu said. “Despite the Houston hotel market experiencing a decline, the right assets in the right location still retain their value very well,” he said.
June 24, 2017 Realty News Report Copyright 2017