ROSENBERG, Texas – (Realty News Report) – Illinois-based Imeri Enterprise purchased the 56-room La Quinta Inn & Suites Rosenberg at 28332 Southwest Freeway. The seller was Houston-based Gayatri International LLC.
“We are finding that buyers from all over the country are drawn to Texas because of the booming economy,” said CBRE Vice President Dennis Drake.
The transaction was arranged by the CBRE South Central Hotel Team of Michael Yu, Rahul Bijlani, Tyler Bean, Dennis Drake and Manasvini Sridhar.
“Our team did a lot of research when we took this asset to market and found that although TxDOT is still working to complete Interstate 69, investors value being within the Houston MSA and the advantages of being along what will eventually be a major interstate highway, similar to I-10” added CBRE Vice President Tyler Bean. “And it doesn’t appear the population and business growth in Fort Bend County is going to slow down anytime soon.”
“The Hotel was sold to an out of state buyer in a 1031 exchange. The buyer obtained an SBA loan through CBRE’s Debt and Structure Finance with an 86% LTV including PIP,” said Manasvini Sridhar, CBRE Vice President in Debt and Structured Finance.
“It was a pleasure working with the CBRE Hotel team on this deal. They helped me get more value for my money and executed well on the transaction,” said Isen Imeri with Imeri Enterprises.