CBRE Hotels arranged the sale of Staybridge Suites, a limited-service hotel at 901 Little Texas Lane in Austin, Texas. Mid Continent Hospitality purchased the asset from STAR SR LLC for an undisclosed price.
Michael Yu, Rahul Bijlani and Dennis Drake with CBRE Hotels, represented the seller. Michael Yu and Rahul Bijlani also represented the buyer, along with Agrama Mannapperuma, also with CBRE.
Bankim Bhatt of STAR SR LLC said, “This is our third closing with Michael, Rahul and Dennis at CBRE Hotels. We returned for their ability to generate strong, competitive interest in our properties.”
Mr. Yu said, “Austin continues to be the top market for hotel investment in the state of Texas. Due to this, we were able to secure multiple competitive offers and achieve a quick sale at a very compelling price.”
The asset is located in south Austin, off of Highway 35. Mid Continent Hospitality is planning to keep the existing hotel structure.
“We think that south Austin is one of the most vibrant, fastest growing parts of the city, and we are excited to enter its hospitality sector. Staybridge Suites by InterContinental Hotels Group is a leading extended-stay brand, and we look forward to partnering with them to support local businesses and travelers,” says Minhas Ladiwalla of Mid Continent Hospitality.
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.
CBRE Group, Inc. (NYSE:CBRE), 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 2017 revenue). The company has more than 80,000 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.
