CBRE Hotels arranged the sale of Holiday Inn Express & Suites, a 74-room, limited-service hotel at 5618 7th Street in Bay City. Houston-based SNI 5618 Investment, LP purchased the asset from San Antonio-based Baywood Hotels for an undisclosed price.
“The hotel market is booming in Bay City due to the development of several industrial projects. This is the second hotel that we have sold in Bay City in 2017,” said Mr. Yu, CBRE Hotels.
The buyer currently has a portfolio of apartments across Houston and has been actively looking to enter the hotel market. This is their first hotel acquisition and they were attracted to the asset for its high cash flow and location near the Houston metro.
“We appreciate what Michael Yu, Rahul Bijlani and Agrama Mannapperuma at CBRE Hotels do for us. They understand how we work and find the right buyers for our assets in a very expeditious manner,” said BJ Patel of Baywood Hotels.
CBRE Hotels is a specialized group within CBRE providing advisory, asset management, 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.