Beaumont, TX – Paramount Lodging Advisors (PLA) has successfully executed the transaction of the Courtyard by Marriott in Beaumont, TX. Managing Director Kami Burnette and Managing Director Adam Montufar represented the seller in the sale.
The 78-room upscale hotel is ideally located on Interstate 10 in Beaumont. This transaction represented the buyer’s objective to capitalize on increasing revenues generated from the oil-driven market. Upon completion of the property improvement plan (PIP), the buyer should be well-positioned to penetrate the market.
“The shale boom has generated a surge in Texas oil exports and its impact on employment in the region has generated strong demand for hoteliers. This is a unique opportunity for the new owner to realize a strong yield on their asset,” stated Kami Burnette.
The PLA Texas’ office closed its second deal in Beaumont in the past six months and this transaction marks the eighth successful transaction in Texas since last summer.