HVS Brokerage & Advisory announced the sale of the 80-key Hampton Inn & Suites Lubbock Southwest, located at 5614 Englewood Avenue, Lubbock, Texas 79424.
The property, built in 2007, was purchased by Onyx Hospitality, based in Boca Raton, Florida, from Insignia Hospitality Group, based in Midland, Texas.
Darpan Bhakta, President of Insignia Hospitality Group, commented, “I appreciate the thought and creativeness that Eric and his team used to get my hotel sold. They were quick to go to the market through a confidential process and targeted the right buyers. They did proper due diligence in securing the correct buyer for a smooth transactional process. Eric and his team are thorough, seasoned, and professional.”
The seller extensively renovated the hotel over the last two years, inclusive of the guestrooms, common areas, and exterior. The property benefits from an excellent location in Southwest Lubbock off West Loop 289, near the Canyon West shopping center in a growing part of Lubbock. Lubbock is also home to Texas Tech University, with roughly 40,000 students enrolled and an annual operating budget of over $2 billion.
“This is the second asset that we have sold in Lubbock through a targeted marketing approach. The Lubbock market has continued to be one of the leading university markets in Texas. Our team knows the right buyer pool to target, and we leveraged our strong national relationships to find a Florida-based group looking to acquire its first Texas asset,” said Eric Guerrero, Senior Managing Director, Partner of HVS Brokerage & Advisory.
HVS Brokerage & Advisory team members Eric Guerrero, James Rebullida, Fadi Rawashdeh, and Kyle Peterek participated in this transaction.