HOUSTON – (Realty News Report) – A new Houston-area hotel has become a “distressed asset” and is listed to be sold off by CBRE Hotels, according to Rahul Bijlani, senior vice president of CBRE Hotels.
Bijlani, speaking at the CBRE press luncheon last week, said the hotel is affiliated with the Marriott chain, but he declined to fully identify the property.
The Houston hotel market suffered a 7.4 percent decline in RevPAR in 2018. But CBRE saysthe financial picture is improving with a 0.3 percent RevPAR gain forecast for 2019, followed by a 3 percent increase in 2020.
Houston hotel market experienced a surge in occupancy in 2017 following Hurricane Harvey, which damaged thousands of homes. Many of those residents were displaced for a year or more as repairs were completed.
Hotel development has been strong in the Houston area in the last year and more are planned.
April 30, 2019 Realty News Report Copyright 2019