Houston, TX – Paramount Lodging Advisors (PLA) has successfully executed the sale of the Four Points by Sheraton Hobby Airport. Austin, TX-based Sr. Managing Director Kami Burnette and Sr. Associate Mason McDavid along with Sr. Managing Directors Brent Clemens and Bennett Webster represented the special servicer in the transaction.
The 79-key, 2011 built hotel is ideally located near Hobby Airport. The buyer has increased the number of hotels owned in the submarket and is looking to capitalize on economies of scale as the Hobby submarket continues to recover after airline travel was disrupted with the onset of COVID-19.
“With virus-related impairments waning and the increased positive sentiment surrounding the energy industry, the buyer is presented an opportunity to realize strong yields as leisure and corporate travel return to pre-pandemic levels in Houston,” stated Kami Burnette.