Foreign Investor Gets Hospitable in Houston via CBRE

Canadian investment group Prime Developments closed its second value-add hotel acquisition in the Houston area, with the purchase of Holiday Inn Express & Suites Houston East in Baytown, Texas.

Holiday Inn Express & Suites Baytown, Texas
Holiday Inn Express & Suites Baytown, Texas

CBRE Hotels arranged the sale of the Holiday Inn Express & Suites Houston East in Baytown, Texas. Houston-based Pride Management Inc., sold the asset to Canadian investment group Prime Developments, marking the buyer’s second hotel acquisition in the Houston area.

The Holiday Inn Express & Suites Baytown is located at 7515 Garth Road, off Interstate 10 and Garth Road, just north of San Jacinto Mall. The Holiday Inn hotel is serving one of Houston’s top business locations, with Exxon, Chevron, Bayer, Amoco and the Houston Ship Channel nearby. Guests at the property have access to free wireless internet access, an outdoor swimming pool, a fitness center and a business center.

CBRE Hotels’ Michael Yu, Rahoul Bijlani and Eric Guerrero arranged the transaction on behalf of the buyer and the seller.

Challenging environment

“We are excited to add another hotel asset to our Houston MSA portfolio,” Moiz Bhamani, CEO, Prime Developments, said in prepared remarks. “We remain positive for the overall market and continue to work actively with CBRE Hotels in assisting Prime to find more value-add hotels.”

Despite a tight Houston-area hotel market and challenging sales environment, said Yu, this year his team has been able to close six sales—including this most recent one—in the metro.

Image courtesy of CBRE Hotels