Tulsa

HVS Brokerage & Advisory Announces Sale of TownePlace Suites by Marriott Dallas McKinney, Texas – Tulsa, Oklahoma

Tulsa, Oklahoma 2021-09-18 09:39:08 –

Built in 2016, the long-stay hotel property is Jain Hotels Management, based in Tulsa, Oklahoma, and Pride Management Inc, based in Beaumont, Texas. I bought it from.

HVS Brokerage & Advisory Announced the sale of 88 Key Town Place Suites by Marriott on 1832 Marketplace Drive in McKinney, Texas.

Built in 2016, the long-stay hotel property is Jain Hotels Management, based in Tulsa, Oklahoma, and Pride Management Inc, based in Beaumont, Texas. I bought it from.

“I enjoyed working with HVS on purchasing TownePlaceSuitesDallasMcKinney. Working with Eric and his team was simple and easy. They were great about keeping in touch with us from start to finish, and we We have guaranteed a smooth closing. We look forward to working with them again as we expand our portfolio in Texas, “said Neil Jain of Jain Hotel Management.

This property was sold through the Ten-X auction platform. It was broadcast to viewers nationwide and received a purchase price of 107% of the reserve.

During the COVID-19 pandemic, long-stay hotels performed significantly better than other hotel types. The occupancy rate of the hotel at the time of closing was over 70%. Buyers were drawn to the opportunity to buy a low-performance Marriott-branded long-stay hotel at a price below the replacement cost and the expected benefits from the expected economic recovery in the aftermath of the worst pandemic. ..

“Long-stay products and the highly desirable Dallas market have made this a very attractive opportunity in the market. The Ten-X auction has more than 20 unique bidders and sellers in the competitive bidding process. We were able to exceed our price expectations. We thank our long-standing relationship with Pride Management Inc. and wish our buyers the success of expanding our hotel activities, “said Eric Guerrero, Managing Director of HVS Brokerage & Advisory. increase.

Members of the HVS Brokerage & Advisory team Eric Guerrero, James Rebullida, and Fadi Rawashdeh have joined the deal.

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HVS Brokerage & Advisory Announces Sale of TownePlace Suites by Marriott Dallas McKinney, Texas Source link HVS Brokerage & Advisory Announces Sale of TownePlace Suites by Marriott Dallas McKinney, Texas

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