HVS Brokerage & Advisory announced the sale of the 77-key La Quinta Inn & Suites by Wyndham Houston Energy Corridor, located at 2451 Shadow View Lane, Houston, Texas 77077.
The limited-service hotel property, built in 2010, was sold through a traditional marketing process. The hotel was purchased by Venture One Hospitality LLC, based in Louisiana, from Shadowbriar Hospitality LLC, based in Houston, Texas. The buyer has secured a long-term franchise license agreement with Wyndham and plans to complete the brand-mandated change-of-ownership PIP.
Zubair Balwa, Vice President of Shadowbriar Hospitality LLC, commented, “Working with the HVS team was a wonderful experience. Thanks for the well-coordinated efforts by the entire team and for a smooth transaction process. HVS conducted their own due diligence before even listing the hotel and had a very transparent approach. Their marketing package was very impressive, and they never rushed me to list the property. After the property was listed, they provided regular updates on each step of the process and were highly communicative. I was happily surprised that the first showing converted into a sale.”
The property is strategically located just off Westheimer Road, near its intersection with Dairy Ashford Road, proximate to numerous dining, retail, and entertainment options, which is a positive attribute for both business and transient guests. The Energy Corridor is a business district, located on the west side of Houston between Beltway 8 and the Grand Parkway, straddling a seven-mile stretch of Interstate 10 from Kirkwood Road westward to Barker Cypress Road and extending south along Eldridge Parkway to Briar Forest Drive. It is home to several of the largest international energy companies in the world, as well as 300 multi-national, national, and local companies.
“It was a pleasure working closely with the seller to successfully secure a buyer and complete the transaction. While we knew it would be a difficult transaction due the large change-of-ownership PIP needed and the negative perception of the Houston Energy Corridor submarket, we utilized a broad nationwide marketing campaign to secure an out-of-state buyer wanting to acquire its first Texas hotel. The buyer was also attracted to the operational upside and rebounding revenue trend in 2022,” said Fadi Rawashdeh, Senior Associate of HVS Brokerage & Advisory.
HVS Brokerage & Advisory team members Eric Guerrero, James Rebullida, Fadi Rawashdeh, and Kyle Peterek participated in this transaction.