March 3, 2017
Peet Hotels Inc. acquired a 70-room Holiday Inn Express & Suites in Texas City, TX. Seller Texas City Hospitality LLC of Sugar Land, TX, disposed of the asset for an undisclosed price. Galveston Central Appraisal District assessed the 10-year-old asset for $2.9 million.
Peet Hotels, located in Lake Jackson, TX, acquired the property at 2440 Gulf Fwy. as an investment opportunity. Eric Guerrero, Michael Yu, Rahul Bijlani, and Dennis Drake with CBRE represented the seller and the buyer.
Texas City, which is across Galveston Bay from Galveston, TX, is a refinery market that didn’t see the decline in revenues due to lower oil prices as other submarkets did, according to Guerrero. The hotel itself is in a position to receive overflow guests from Galveston during the summer months, he continued, adding that “these are a few reasons the buyer was attracted to this opportunity.”
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