HOUSTON — St. Louis-based Midas Hospitality has acquired the 120-room Staybridge Suites located near the Texas Medical Center at 9000 South Main. This marks Midas Hospitality’s first purchase in Texas; the company now owns 41 hotels across 14 states.
The seller, Pride Management of Beaumont, was represented in the transaction by CBRE Hotels’ Michael Yu, Rahul Bijani, Eric Guerrero and Agrama Mannapperuma.
Midas Hospitality CEO David Robert said the hotel’s proximity to the medical center made the property an especially attractive investment.
“This opportunity aligned perfectly with our company’s vision and capabilities,” Robert said. “Houston is a continuously evolving city, and we have followed this market for many years. The timing and location of this acquisition were right for us, and we are excited to become part of this growing community.”
Eric Guerrero noted the sale reflects ongoing demand for hotels near the Texas Medical Center. “This transaction underscores the sustained trend that the Texas Medical Center is the most sought-after submarket for hotel acquisitions in Houston,” he said. “The Texas Medical Center area continues to be the strongest-performing hotel submarket in the city and presents the highest entry barriers, making it a secure place to invest.”
Michael Yu added that the Staybridge Suites achieved very aggressive pricing on a per-room basis. “Even as the Houston hotel market has faced some softness, the right assets in prime locations continue to hold their value,” he said.
June 24, 2017 Realty News Report Copyright 2017