The property, built in 2019, was purchased by Schreiner and Kwon Inc., based Richland, Washington, from Harshy Seabrook Hospitality, Inc., based in Galveston, Texas.
Parth Patel, Principal of Harshy Seabrook Hospitality, Inc., commented, “This sale was a strategic disposition for our group as we shift our focus toward other assets in our portfolio. Relying on their deep understanding of the local market, HVS provided the ideal pricing strategy from day one. Their execution was incredibly fast; they had the property on the market within four days of signing the agreement and secured a highly qualified buyer just 13 days later. We are thrilled with the swift timeline and the final result that met our pricing expectations.”
The property benefits from a prime location along NASA Parkway, across from Clear Lake and near major demand drivers, including NASA Johnson Space Center, Houston Methodist Clear Lake Hospital, HCA Houston Healthcare Clear Lake, and the University of Houston-Clear Lake campus, as well as corporate demand generators in the area, such as Arkema, Honeywell, Celanese, Bayer, DuPont, LyondellBasell, and ExxonMobil. Additionally, the property is located less than three miles from the 60-acre Kemah Boardwalk outdoor theme park—home to a collection of rides and roller coasters, restaurants, carnival games, retail shops, and a 400-slip marina.
“Because this property was priced at a premium relative to its in-place cash flow, we had to market this as a projection-based deal. We leveraged HVS data to build a compelling pro forma that clearly demonstrated strong future returns. We ultimately matched the hotel with a repeat, 1031-exchange buyer from the Pacific Northwest, making this the second transaction we’ve closed with him in the past month. Because of our excellent relationship and trust with this buyer, we were able to highlight the long-term benefits of reinvesting in the Texas market and successfully close the deal in an expeditious manner,” said James Rebullida, Senior Vice President of HVS Brokerage & Advisory.
HVS Brokerage & Advisory team members Eric Guerrero, James Rebullida, Kyle Peterek, Fadi Rawashdeh, and Daneen Godinet participated in this transaction.
About HVS Brokerage & Advisory
The Brokerage & Advisory division is a specialized group within HVS that offers services related to investment sales and capital markets, focused exclusively on the hospitality industry. With a global footprint and over 35 offices nationwide, HVS’s hospitality intelligence and extensive expertise will help you achieve the results you want.Media Contact:
Lizzette Casarin
Senior Marketing Director
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+1 (720) 244-7620