HOUSTON – September 11, 2017 – CBRE Hotels has arranged the sale of the Holiday Inn Express & Suites Houston East in Baytown, Texas. Canadian-based investment group, Prime Developments, purchased the hotel from Houston-based Pride Management Inc. This is the second hotel Prime Developments has acquired in the Houston area.
“We are excited to add another hotel asset to our Houston, TX MSA portfolio,” Moiz Bhamani, CEO, Prime Developments, said. “We remain positive for the overall market and continue to work actively with CBRE Hotels in assisting Prime to find more value-add hotels.”
CBRE Hotels’ Michael Yu, Rahul Bijlani and Eric Guerrero arranged the transaction on behalf of the buyer and the seller.
“The East Houston/Baytown market is currently one of the top performing submarkets within the Houston MSA,” Mr. 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.”
“Despite the challenging environment to sell hotel assets in the Greater Houston area for the past couple of years, we have been able to continue to close deals in Houston,” Mr. Yu said. “This is the sixth hotel we have sold in Houston in 2017.”
CBRE Hotels is a specialized team within CBRE providing advisory, capital markets, investment sales, research and valuation services to companies in the hotel sector. CBRE Hotels is comprised of more than 385 dedicated hospitality professionals located in 60 offices across the globe.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.