Lubbock, TX – Paramount Lodging Advisors (PLA) has successfully executed the sale of the La Quinta Inn & Suites located in in the northwest submarket of Lubbock, TX. Sr. Managing Director Kami Burnette and Sr. Associate Mason McDavid represented the owner in the transaction.
The 109-room hotel, built in 2009, was renovated in 2019 and was marketed as a turn-key operation. The hotel was purchased by Diya Lubbock Hotels LLC, based in Mesquite, TX.
“The Lubbock hotel market is attractive based on the strength of the core demand generated by Texas Tech University, Covenant Health and project-based business from alternative energy developments,” stated Kami Burnette. “This has attracted buyers looking to acquire hotels in a diversified and growing market.”
The Lubbock hotel market is performing ahead of 2019 levels and this hotel is well-positioned proximate to core demand generators. The buyer is excited to acquire a fully-renovated hotel where they can focus on driving operational efficiencies and positioning the hotel to capitalize on Lubbock’s long-term economic outlook.
“Despite recent capital markets challenges, PLA generated an offer acceptable to ownership within a few weeks of initiating marketing activities and closed before the contracted date,” stated Kami Burnette.