SAN ANTONIO – February 22, 2017 – CBRE Hotels arranged the sale of Super 8 South Padre Island, a 66-room, limited-service, economy hotel. Raju Ramachandran purchased the asset for investment purposes from Michael Klement for an undisclosed price.
“This transaction represents the continued stability of the South Padre Island hotel market,” said Mr. Foxx. “The market has significant restrictions on new hotel construction, presenting a high barrier to entry and minimizing risk for competition in the long run—a significant benefit to investors.”
The asset is located at 4205 Padre Blvd near Schlitterbahn Beach Water Park and a few blocks from the beach.
CBRE Hotels is a specialized group within CBRE providing advisory, asset management, capital markets, investment sales, research and valuation services to companies in the hotel sector. CBRE Hotels is comprised of more than 385 dedicated hospitality professionals located in 60 offices across the globe.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.