HOUSTON – January 17, 2017 – CBRE Hotels has executed the sale of Motel 6 at Hobby Airport (9005 Airport Boulevard, Houston, Texas). Maankee Hospitality, LLC, acquired the property from Aum Sai Ram, Inc. The 144-room hotel is located just west of Interstate 45 and within two miles from William P. Hobby Airport.
Maankee Hospitality financed the Hotel with an SBA 7A loan. According to Mr. Bean, multiple buyers were interested in purchasing this hotel because they believe that now is a good time to get in to the Houston market and they are betting that RevPAR will improve over the next few years as oil prices continue to rebound. Maankee Hospitality has plans to increase revenue by adding additional rooms and improving management.
CBRE Hotels is a specialized advisory group within CBRE providing capital markets, consulting, 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 (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.