HREC Investment Advisors arranged the sale of the 122-guestroom Holiday Inn Houston Energy Corridor Eldridge located in Houston. Woodford Hospitality, affiliate of Ashland Hospitality, acquired the property.
“Ashland Hospitality is delighted to add another Holiday Inn hotel to their portfolio. We look forward to transforming this hotel and making it the premier hotel in the Energy Corridor area,” Amir Khan, chairman of Ashland Hospitality, said in a statement.
Monty Levy, SVP in HREC Investment Advisors’ Atlanta office, and Hank Wolpert, VP in its Dallas office, exclusively represented the seller, Eldridge Hospitality, in this transaction.
“We have had a long-standing relationship with Monty Levy and HREC, and they once again were extremely diligent and creative in helping us close this complicated transaction,” Nazar Momin, a principal with the seller, said in a statement.
“We are very grateful for our relationship with Nazar Momin and his team and are delighted to have represented him on this transaction,” Levy said.
The hotel is 18 miles from downtown Houston, and is located within Houston’s Energy Corridor submarket, roughly 2 miles from Interstate 10, which connects the Energy Corridor to the Houston Beltway roads and central Houston. The Energy Corridor is a master-planned business district, home to several of the largest international energy companies in the world as well as 300 multinational, national and local companies.
With an educated workforce comprised of more than 94,000 employees, The Energy Corridor is the second largest employment center in the region.