Holiday Inn Express & Suites Houston Northwest Tomball Area Sold

HVS Brokerage & Advisory announced the sale and financing of the 72-key Holiday Inn Express & Suites Houston Northwest Tomball Area, located at 14055 Park Drive, Tomball, Texas 77377.
 
The 2015-built property was purchased by Mickle & Lucky Estates LLC, based in Anaheim, California, from PH Lodging Tomball LLC, based in Tampa, Florida.
 
The financing was structured with an SBA 7(a) and pari-passu loan at 70.0% loan-to-value (LTV) through an active lender that has a strong relationship with the HVS Brokerage & Advisory team.
 
Harish Dani, Principal of PH Lodging Tomball LLC, commented, “I appreciate the HVS team’s commitment to help me sell my last Houston hotel asset. Despite the hotel performing well, overall investor sentiment in Houston is challenging. The team did a great job of demonstrating the long-term benefits of investing in the city. They found a buyer in less than 30 days, and their hands-on approach was successful in getting the deal closed with a first-time buyer.”
 
The property benefits from its strategic location near State Highway 249 and its access road, just south of FM 2920/Waller-Tomball Road (the main corridor through the Tomball area), in a densely developed area. Tomball has become a key business destination within Greater Houston and is home to over 1,500 businesses and nearly 14,000 employees. Notable local demand generators include the Tomball Town Center, Tomball Regional Medical Center, Lateral Technology Corporation, SLR International Corporation, Enhanced Energy Partners Corporation, Crow Corporation, Baker Hughes, VEOLIA, Grimes Industrial, and Lonestar College. Additionally, weekend demand is generated by several popular wedding venues in the area, including Boxwood Manor, Ella’s Garden, Sandlewood Manor, and The Estates at Pecan Park.
 
“We sold this hotel to Harish in 2016 and have come full circle, helping him now with a successful exit. Our ability to get this deal closed, despite earlier attempts by several other groups, demonstrates our team’s strength. We leveraged our firm’s market intelligence to deliver a data-driven deal story. The ultimate buyer was a first-time hotel investor taking advantage of a 1031 exchange, whose relationship lender withdrew a week before closing. We quickly pivoted to an active SBA-7(a) lender and closed the deal three weeks later,” said Eric Guerrero, Senior Managing Director, Partner of HVS Brokerage & Advisory.
 
HVS Brokerage & Advisory team members Eric Guerrero, James Rebullida, Fadi Rawashdeh, & Kyle