Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of SpringHill Suites Houston 290, a 78-room hospitality property located in Houston, Texas, according to Ford Noe, Regional Manager of the firm’s Houston office.
Andrew B. Frosch, First Vice President Investments in Marcus & Millichap’s Houston office, Louis Dan, Associate in Marcus & Millichap’s Houston office, Allan Miller, Senior Vice President Investments in Marcus & Millichap’s Austin office and Chris Gomes, Senior Managing Director Investments Marcus & Millichap’s Dallas office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. “This hotel presents a unique opportunity for the new owner to capitalize on a strong brand in a top 25 MSA. We were able to procure multiple offers within the first week of the listing and went under contract within 10 days of being on the market with a highly qualified buyer that had strong financials and extensive hotel experience. Although we are currently facing uncertain economic times, Marcus & Millichap played a crucial role in securing conventional financing for the buyer and navigating the challenges presented through the bankruptcy courts, Marriott franchising, and the COVID-19 situation” says Frosch.
The buyer, a limited liability company, was secured and represented by Ahmed Kabani, Senior Vice President Investments in Marcus & Millichap’s Miami office and Andrew B. Frosch, First Vice President Investments in Marcus & Millichap’s Houston office. “The buyer, experienced in Hilton and Marriott branded properties in both Texas and Florida, saw upside in the asset and seized the opportunity” says Kabani.
SpringHill Suites Houston 290 is a 78-Room, interior corridor, upscale hotel built in 2016. It is located at 20350 Northwest Freeway in Houston, Texas, well positioned with excellent visibility from Highway 290 and 20 miles from Downtown Houston.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of approximately $50 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
