With the help of CBRE’s prolific hotels team, Prime Developments has acquired its second hotel in Houston, this time in one of the area’s top-performing submarkets. The deal is CBRE Hotels’ sixth transaction in Houston year-to-date.
CBRE Hotels’ Michael Yu, Rahul Bijlani and Eric Guerrero arranged the sale of the Holiday Inn Express & Suites Houston East in Baytown. Canadian-based investment group Prime Developments purchased the hotel from Houston-based Pride Management.
“The East Houston/Baytown market is currently one of the top-performing submarkets within the Houston MSA,” Guerrero said. “The demand in the area has increased as the downstream oil/gas business activity has thrived in the past few years. Buyers are attracted to the strong cash flow that hotels in this market can generate.”