June 26, 2017
St. Louis-based Midas Hospitality entered the Texas market with its buy of a 120-room Staybridge Streets at the Texas Medical Center. The buyer acquired the property at 9000 S. Main St. from Pride Management Inc. of Beaumont, TX for an undisclosed amount; the asset was appraised at $9.5 million. The buy brings Midas Hospitality’s portfolio to 41 hotels in 14 states.
“This opportunity fit perfectly with our company’s vision and capabilities,” said Midas Hospitality CEO David Robert. “Houston is a continuously evolving city, and we have researched this market for many years. The acquisition happened at the right time and place for us, and we could not be more excited to be a part of this growing community.”
CBRE Hotels’ Michael Yu, Rahul Bijlani, Eric Guerrero and Agrama Mannapperuma represented the seller in the transaction. Yu indicated that the sale achieved “very aggressive pricing on a cost-per-room-cost basis.”
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