Houston-Area Hotel Changes Hands for the 1st Time
- Dec 03, 2019
Kei. V. Inc. has sold the 89-key Comfort Inn & Suites Houston West in Katy, Texas, to Ohio-based Jalabapa Hospitality. The property changed hands for the first time since its construction and it represents the buyer’s first Choice International-branded hotel. HVS Brokerage & Advisory worked on behalf of the seller.
The new owner financed the acquisition with a $3.2 million loan from Wallis Bank, according to Harris County records. The variable-interest mortgage is set to mature in 25 years.
Comfort Inn & Suites Houston West-Katy is situated at 22025 Katy Freeway, on a 2-acre parcel. Built in 1995 and expanded in 2000, the property is roughly 6 miles from downtown Katy, just off Interstate 10, with retail, dining and entertainment options within walking distance. Additionally, the hotel is roughly 4 miles from Katy Mills Mall in the Katy Boardwalk district, a future development which is set to include a multi-unit residential community dubbed Boardwalk Lofts, an $100 million Hyatt Regency hotel and convention center, and a 90-acre nature preserve.
The HVS Brokerage & Advisory team that represented Kei. V. Inc. consisted of Managing Directors Eric Guerrero and Drew Noecker and Senior Associate James Rebullida. The deal comes at a time when the hotel investment community acts with caution due to economic uncertainty. According to Marcus & Millichap’s latest National Hospitality Research Report, the discrepancy between the price sellers expect and the price buyers are willing to pay is dampening trade velocity.