CBRE Hotels is pleased to announce the sale of a Hyatt Place in San Antonio, alongside two other Hyatt Places in Texas.
CBRE’s Michael Yu, Rahul Bijlani and Agrama Mannapperuma, in conjunction with Ten-X Commercial through an online auction process, represented the seller.
“With very low occupancy post-COVID and non-functional hotel debt market, it is an extremely difficult market to sell hotels like this,” said Michael Yu, Senior Vice President at CBRE. “However, we were able to create a very competitive market with TEN-X on this asset. We have over 20 full qualified bidders and created a bidding war to really push the value. The winning bidder is an all-cash buyer and closed the transaction in 31 days.”
CBRE’s Dennis Drake continued, “Despite COVID and an incredibly challenging lending environment, this was a very successful auction with local and out of state buyers bidding aggressively.”
“This is one of the many successful closings we’ve had in conjunction with Michael Yu and his CBRE Hotels South Central USA team,” said Anthony Falor, SR managing Director at Ten-X. “Our transparent process, thorough vetting of qualified buyers, an omnichannel marketing strategy that draws in cross commercial investors and hotel focused buyers from around the globe to participate in our online auctions, and the certainty of close that the Ten-X Platform can provide are the factors what make us so powerful.”
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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.
