CBRE Facilitates Sale of Houston-Area Hotel
- Oct 20, 2017
CBRE Hotels arranged the sale of Holiday Inn Express & Suites, a 74-key, limited-service hotel in Bay City, Texas. Houston-based SNI 5618 Investment LP acquired the asset from San Antonio-based Baywood Hotels for an undisclosed price. The transaction marks the first hotel acquisition for the buyer, which owns several apartment properties in the Houston area.
Located at 5618 7th St., on Highway 35, the hotel is three miles from both Matagorda County Museum and downtown Bay City. The Matagorda Bay, Matagorda Beach and Matagorda Nature Park are all within driving distance from the hotel. Featuring simple decor and furnishings, all keys include free Wi-Fi, flat-screen TVs and desks. Suites add living areas with pull-out sofas, as well as microwaves, mini-fridges and wet bars. Other amenities include an outdoor pool with a sundeck, an exercise room and a 24-hour convenience store.
“The hotel market is booming in Bay City due to the development of several industrial projects. This is the second hotel that we have sold in Bay City in 2017,” said Michael Yu, senior vice president of hotel brokerage and investment sales at CBRE Hotels, in a prepared statement.
Yu, Rahul Bijlani and Agrama Mannapperuma represented the seller and assisted the buyer in the transaction.
Image courtesy of CBRE Hotels