CBRE Hotels announces the sale of the 89-room La Quinta Inn & Suites located at 1838 Graham Road in College Station, Texas. ALF-TINS LLC acquired the asset from AMR Hotels LLC.
“We bought La Quinta College Station because we saw good potential in the market. The demand is there, even as more rooms have come into College Station, hotel revenues have continued to rise, which is a good sign for the city's economy and growth. Working with CBRE was a great experience, they helped us in every step for this transaction,” said Alfredo Tinajero with ALF-TINS LLC
CBRE’s Michael Yu, Rahul Bijlani, Tyler Bean and Dennis Drake managed the transaction.
“One month from us putting the hotel for sale, we had a fully executed contract. The buyer put a hard money deposit day one of contract and closed the transaction with a CMBS loan. There are still some very good buyers in the current market. There are also a growing number of hotels coming for sale in the Texas area, deals that are priced right will have the best shot of selling and selling faster. Bryan/College Station has seen a large increase in hotel room supply over the last 5 years. Even with the large increase in hotel room supply the market RevPAR has continued to remain stable due to the fast pace of growth in hotel demand from the growing Texas A&M University and the growing Bryan/College Station population,” added CBRE Vice President Tyler Bean.
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 over 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 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 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.
