HOUSTON, TX, March 11, 2022: HVS Brokerage & Advisory announces the sale of the 69-key SpringHill Suites by Marriott Houston-Katy Mills, located at 2501 Texmati Drive, Katy, Texas 77494.
The select-service hotel, built in 2005, was purchased by Vital Hospitality Group LLC, based in Houston, Texas, from Nayosha, Ltd., also based in Houston, Texas.
“This is the second transaction we completed with Eric and James in the past year. Along the way, we have not only built a terrific business relationship but also a personal friendship. Beyond simply selling an asset, they have successfully helped our firm reposition and rebalance our portfolio. As a result, we are better positioned for a post-COVID environment. We look forward to working with them again in the future and recommend them to anyone who wants and appreciates a clear process and quick transition of ownership,” commented Praful Patel, Hiren Patel, and Nick Patel of Nayosha, Ltd.
The hotel is strategically located along Interstate 10, within the Katy Mills development (a 1.3-million-square-foot shopping center) and near the Texas Typhoon Waterpark and Katy Boardwalk District. Katy experienced a surge in leisure travel over the last year, resulting in one of the strongest summer seasons in terms of room-night demand and RevPAR performance. This led to a rebound in the hotel’s performance, achieving almost 95% of its 2019 rooms revenue in 2021.
“Our marketing efforts focused on investors seeking to acquire their first Marriott-branded asset given the property’s smaller, 69-key count. With that target investor in mind, we received multiple offers from a nationwide pool of owner-operators. The ultimate buyer was a Houston-based group that owned another SpringHill Suites in the city and wanted to grow their Marriott portfolio. Due to the competitive bid process, we secured strong deal terms with the buyer, with a significant initial non-refundable earnest money deposit and swift due diligence,” said Eric Guerrero, Managing Director of HVS Brokerage & Advisory.
HVS Brokerage & Advisory team members Eric Guerrero, James Rebullida, and Fadi Rawashdeh 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 40 offices nationwide, HVS’s hospitality intelligence and extensive expertise will help you achieve the results you want.Media Contact:
Lizzette Casarin
Marketing Director
[email protected]
+1 (720) 244-7620