CBRE Hotels announces the sale of Holiday Inn Express & Suites, an 87-room limited-service hotel at 1436 N Business Loop IH-35 in New Braunfels, Texas.
Top Class Hospitality, LLC purchased the asset from Baywood Hotels for an undisclosed price. Michael Yu and Agrama Mannapperuma of CBRE Hotels represented the seller. Dennis Drake, also of CBRE Hotels, represented the buyer.
The hotel, developed in 2016, was sold at a premium to construction cost in March 2017 to a group of investors whose primary business is gas stations and convenience stores.
The seller, BJ Patel of Baywood Hotels said, "Baywood Hotels has worked with Michael Yu and his team at CBRE Hotels on numerous transactions over the last few years. They have delivered great personal service, quietly marketed our assets and have been successful in getting the best price for our hotels. We are very pleased to have a dedicated partner to our success in the buy and sell landscape.”
New Braunfels is one of the fastest-growing cities in the U.S. According to the U.S. Census Bureau, the city’s population increased 6.6% from June 2014 - June 2015. Hoteliers also developed a Homewood Suites in New Braunfels in 2016 and a new Studio 6 and Country Inn & Suites are under construction and set to open this year.
“We are finding many buyers from all over the country who are interested in the San Antonio MSA. After closing the Holiday Inn Express & Suites New Braunfels, we have an additional three hotels under contract in the San Antonio MSA—all with out-of-state investors,” said Mr. Drake, CBRE Hotels.
“The area along Interstate 35 between Austin and San Antonio has been the fastest-growing region in the state of Texas, and attracts a lot of interest from hotel investors across the country,” said Mr. Yu, CBRE Hotels.
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: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.