Holiday Inn Hotel in Houston Changes Hands
- Jan 05, 2017
Houston—The Holiday Inn Express & Suites Houston NW—Tomball located at 14055 Park Drive has changed ownership. Houston-based Preeminent Hotels sold the 72-key hotel to PH Lodging Tomball LLC for an undisclosed amount. CBRE Hotels, an advisory group within Los Angeles-based CBRE Group Inc., facilitated the transaction. CBRE Hotels’ Eric Guerrero, Michael Yu, Rahul Bijlani, Dennis Drake and James Foxx represented both sides in the transaction.
“I am excited to complete my first acquisition in the Houston market and currently have another hotel under-contract in the city. Because of my strong relationship with IHG, the Tomball hotel was an ideal property to purchase. CBRE Hotels was successful in getting my Wingate sold in Schaumburg, Ill. and finding a good hotel for me to exchange into,” Harish Dani, vice president of PH Lodging Tomball LLC, said in prepared remarks.
Later this month, PH Lodging expects to close the deal for the acquisition of Staybridge Suites, located northwest of Houston at 18828 Highway 249. “Based on market feedback, there are a good amount of investors wanting to get into the Houston market,” Eric Guerrero said in a prepared statement. “Most investors are expecting a rebound in occupancy and room rates in 2018, so we suspect there might be a light at the end of the tunnel.”
Image courtesy of CBRE