Paramount Lodging Advisors (PLA) is pleased to announce the sale of the Hampton Inn NW (Subject) located in Houston, TX. PLA was exclusively engaged to represent the seller in the transaction of the 62-room property. The marketing efforts were led by Managing Director Kami Burnette, Senior Associate Subu Thiagarajan and Associate Mason McDavid.
The Houston hotel is located in the northwest Houston MSA and ideally situated at the intersection of US Route 290 and TX State Highway 6. The Buyer plans to renovate and maintain the Subject as a Hampton Inn for the remainder of the term.
“There has been much discussion over the near-term performance of Houston hotels based on declining commodities prices and COVID-19 disruptions,” said Kami Burnette, Managing Director, Paramount Lodging Advisors. “In the face of these headwinds, we had strong interest from multiple buyers. Our process identified a local buyer who acquired this hotel to capitalize on a low basis and to improve his economies of scale.”