HOUSTON, TX, February 05, 2013â€“
Marcus & Millichap Real Estate Investment Services, the nationâ€™s largest real estate investment services firm, has announced the sale of Holiday Inn Express & Suites Houston Kingwood, a 72 room hotel located at 22675 Highway 59 North inÂ Kingwood, TX and Holiday Inn Express & Suites Houston Brookhollow, a 62 room hotel located at 12439 Northwest Freeway in Houston, TX,Â according to David H. Luther, Vice President/Regional Manager of Marcus & Millichapâ€™s Houston office. The combined list price was in excess of $7,200,000.
Rahul Bijlani and Michael Yu, Senior Directors of the National Hospitality Group and Eric Guerrero, an Associate of the National Hospitality Group, in Marcus & Millichapâ€™s Houston office had the exclusive listing to market the properties on behalf of the sellers, private investors.Â The Kingwood hotel had a significant PIP needed from IHG to retain the license, however within the first week of the hotel being on the market the group generated multiple offers and the ultimate buyer was a Houston based private investor who purchased it at 98 percent of the list price. The Brookhollow hotel was losing the IHG license, however the group generated multiple offers from in-state and out-of-state buyers. The ultimate buyer was a California based private investor and the group worked close with him to secure a loan, despite the challenging lending environment.
These sales represent the 20th and 21st hotel transactions the Yu-Bijlani Hospitality team has closed in the last 12 months. They currently have six hotels in escrow, including a Holiday Inn Express & Suites and Candlewood Suites and have 21 listings spread across Texas.