April 25, 2017
Developer Baywood Hotels sold an 87-room Holiday Inn Express & Suites in New Braunfels, TX to Top Class Hospitality LLC for an undisclosed price. CBRE’s Michael Yu and Agrama Mannapperuma with CBRE represented the seller. CBRE colleague Dennis Drake represented the buyer, which owns gas stations and convenience stores.
The hotel, located at 1436 N. Business Loop Interstate 35, north of San Antonio, delivered in 2016, and was sold at a premium to construction costs. The asset is valued at $4.6 million. Hoteliers also developed a Homewood Suites in New Braunfels in 2016; and a new Studio 6 and Country Inn & Suites are under construction and set to open in 2017.
“We are finding many buyers from all over the country who are interested in the San Antonio MSA,” Drake said. “We have an additional three hotels under contract in the San Antonio MSA—all with out-of-state investors.”
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