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Hampton Inn & Suites by Hilton Hobbs – Image Credit HVS
HVS Brokerage & Advisory announces the sale of the 67-key Hampton Inn & Suites by Hilton Hobbs, located at 5420 North Lovington Highway, Hobbs, New Mexico 88242.
The property, built in 2004, was purchased by Maruti Hospitality LLC, based in Los Angeles, California, from Insignia Hospitality Group, based in Midland, Texas.
The property benefits from its strategic location along North Lovington Highway in Lea County, which ranks first in oil production nationwide, surrounded by key demand generators such as Halliburton, ConocoPhillips, Chevron, Baker Hughes, Covenant Health Hobbs Hospital, Patterson-UTI Drilling Co., Ferguson Construction, and Key Energy Services. Leisure demand generators in the area include the Western Heritage Museum & Lea County Cowboy Hall of Fame, Lea County Center for the Arts, and Harry McAdams State Park. Additionally, the property is located within a short drive of Zia Park Casino & Racetrack, which attracts 2.2 million visitors annually given that Hobbs is located along the Texas/New Mexico border.
“We appreciated the opportunity to represent Insignia Hospitality Group once again and are pleased with the market activity generated throughout this process. This sale provided a clear value-add opportunity for an operator focused on expense reduction, although it required an experienced buyer to navigate the intricacies of an oil-and-gas market. With the hotel no longer affiliated with the Hampton brand, we strategically repositioned it as a Spark by Hilton property. This approach attracted four compelling offers, ultimately leading to a successful sale to a West Coast-based group. We look forward to further partnering with Insignia on the strategic disposition of their other non-core assets,” said Matthew Omansky, Senior Vice President of HVS Brokerage & Advisory.
HVS Brokerage & Advisory team members Eric Guerrero, Matthew Omansky, Kyle Peterek, Fadi Rawashdeh, and Daneen Godinet participated in this transaction.
