HOUSTON — A company led by hotel investor Harish Dani has purchased a 72-room hotel in the Houston suburbs.
CBRE Hotels brokered the sale of the Holiday Inn Express & Suites Houston NW–Tomball, located at 14055 Park Drive in Tomball, Texas. The buyer, PH Lodging Tomball, LLC, acquired the property from Preeminent Hotels.
“I am pleased to close my first acquisition in the Houston market, and I currently have another hotel under contract in the city. Given my strong relationship with IHG, the Tomball property was an ideal purchase. CBRE Hotels successfully sold my Wingate in Schaumburg, Illinois, and helped identify a suitable hotel for me to exchange into,” said Harish Dani, Vice President of PH Lodging Tomball, LLC.
CBRE Hotels professionals Eric Guerrero, Michael Yu, Rahul Bijlani, Dennis Drake and James Foxx represented both the buyer and the seller in the transaction.
Hotel occupancy in Houston has softened amid challenges in the energy sector, which has weighed on the local economy.
Despite that, investors remain interested in high-quality, branded hotels in the Houston market, Guerrero noted. “Based on market feedback, many investors are looking to enter the Houston market. Most expect occupancy and average daily rates to recover in 2018, so there appears to be light at the end of the tunnel.”
Year-to-date, this sale marks the 21st hotel transaction for the CBRE Hotels team in Houston. They also have seven transactions currently under contract and 20 hotels exclusively listed for sale. Among the properties under contract are three IHG-branded hotels in the Houston area.
Dec. 27, 2016 Realty News Report Copyright 2016