HOUSTON – Prime Real Estate Group, a Canada-based organization, has purchased the 207-room Holiday Inn Houston Southwest-Sugar Land Area.
Michael Yu, Rahul Bijlani, Eric Guerrero and Agrama Mannapperuma of CBRE Hotels’ in Houston represented the seller, K&K Hotel Group, in the transaction. The buyer was also represented by CBRE Hotels.
The hotel, located at 11160 Southwest Freeway in Houston, near Beltway 8, went through a extensive renovation in 2015 and features more than 6,800 SF of meeting space.
“Prime Real Estate group, a first time hotel buyer from Canada, has several retail assets in Houston and was looking to diversify its portfolio,” Mr. Guerrero said. “They acquired this hotel because they were able to secure it at an attractive basis and it has excellent value-add potential with better management. Alberigo Hotel Management has been selected to manage the hotel.”
Marc Sallette and Olga Lepow with CBRE Hotels’ Debt and Structured Finance team arranged financing on behalf of the buyer.
“CBRE Hotels was aggressive about their approach marketing the Holiday Inn Houston SW asset. The hotel’s circumstances made finding a buyer and financing difficult,” Nupen Patel with K&K Hotel Group said. “They received multiple offers on the deal and were able to help a first time buyer secure a bridge loan and get the deal closed. They are my go-to when it comes to investment sales, financing and consulting.”
Year-to-date, this sale represents the 17th Southcentral U.S. hotel transaction for these CBRE Hotels’ professionals in Houston, who have an additional seven transactions under-contract and 26 hotels exclusively listed for sale.
Sept. 8, 2016 Realty News Report Copyright 2016