The property, built in 2018, was purchased by Sahkar Hospitality Corporation, based in La Mirada, California, from Fresh Start Hospitality LLC, based in Houston, Texas.
Michelle Corder, Managing Member of Fresh Start Hospitality, commented, "After an unsuccessful attempt to sell this property with another broker in 2022, we turned to HVS. They provided an accurate broker opinion of value from day one and successfully sold the hotel within that initial pricing range. Their communication was effective every step of the way. Not only did they deliver a buyer who closed without a single price re-trade during escrow, but they also negotiated for the new owner to retain our existing management company, making the operational transition completely seamless."
The hotel benefits from an excellent location within the Canyon Lakes Shopping Center, near the Wilson Road Exit of Sam Houston Tollway 8, among many dining, retail, and entertainment options. Additionally, the property is approximately four miles from Generation Park, a 4,200-acre, mixed-use district. This complex is anchored by modern infrastructure; retail, office, industrial, and residential components; and parks and trails. Local demand generators include Golf Club of Houston, Lake Houston, Kingwood Medical Center, the Port of Houston, and George Bush Intercontinental Airport (IAH). Major local developments anticipated to generate significant and sustained hotel demand include Eli Lilly & Company’s $5.9-billion pharmaceutical bio-manufacturing facility that will break ground this year, as well as HTX Surf, Houston’s first world-class surfing destination within Generation Park, expected to draw over 200,000 visitors annually once operational in 2027.
"This transaction perfectly highlights our team's ability to tap into a nationwide buyer pool and bring out-of-state capital to Texas. By accurately pricing the property and showcasing the revenue upside in the Houston market, we generated five competitive offers—four from West-Coast buyers and one from a buyer in Dallas. We ultimately chose a 1031-exchange investor. Despite the buyer utilizing an SBA 504 loan, which can traditionally extend timelines, we led the deal to a successful close in just three months, with no changes to the contract price," said James Rebullida, Senior Vice President of HVS Brokerage & Advisory.
HVS Brokerage & Advisory team members Eric Guerrero, James Rebullida, Kyle Peterek, Fadi Rawashdeh, and Daneen Godinet participated in this transaction.
About HVS Brokerage & Advisory
The Brokerage & Advisory division is a specialized group within HVS that offers services related to investment sales and capital markets, focused exclusively on the hospitality industry. With a global footprint and over 35 offices nationwide, HVS’s hospitality intelligence and extensive expertise will help you achieve the results you want.Media Contact:
Lizzette Casarin
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