Houston-based Vital Hospitality Group has purchased the 69-key SpringHill Suites by Marriott Houston-Katy Mills in Katy, Texas, from Nayosha, also based in Houston.
HVS Brokerage & Advisory closed the sale of the select-service hotel, which was built in 2005. This is second transaction Nayosha has completed with HVS this year.
The hotel is part of the Katy Mills development and near the Texas Typhoon Waterpark and Katy Boardwalk District. Katy reported a surge in leisure travel over the last year, resulting in one of the strongest summer seasons in terms of room-night demand and revenue per available room performance. This led to a rebound in the hotel’s performance, achieving almost 95 percent of its 2019 rooms revenue in 2021.
“Our marketing efforts focused on investors seeking to acquire their first Marriott-branded asset given the property’s smaller, 69-key count," said Eric Guerrero, managing director of HVS Brokerage & Advisory, in a statement. "With that target investor in mind, we received multiple offers from a nationwide pool of owner-operators. The ultimate buyer was a Houston-based group that owned another SpringHill Suites in the city and wanted to grow their Marriott portfolio. Due to the competitive bid process, we secured strong deal terms with the buyer, with a significant initial non-refundable earnest money deposit and swift due diligence.”
HVS Brokerage & Advisory team members Guerrero, James Rebullida and Fadi Rawashdeh participated in this transaction.