10/25/2007

CBRE Houston finalizes $18 million sale of two hotels

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13420 Southwest Fwy.

New York City-based Lightstone Group has purchased two Baymont Suites Hotels in suburban Houston for close to $18 million from Los Angeles-based Morning View Hotels-Atlantic Pearl Investments.

Lisa Hankamer and Bert Stevens of CB Richard Ellis' Houston office represented the seller.

Both hotels will be re-branded as Extended Stay Deluxe hotels, a division of Extended Stay America Inc. The two 145-room hotels are located in Katy at 15385 Katy Fwy. and in Sugarland at 13420 Southwest Fwy. Each suburb is within 30 miles of downtown Houston.

Both were built in 1996 as Hearthside Hotels and have undergone a combined $2 million in recent renovations. Pearl Investments bought them from bankruptcy court in 2005.

Prior to joining the CBRE Hotels Group, Hankamer worked in the marketing department of Holiday Inns Worldwide. Now a senior associate with CBRE, she does analysis of hotel real estate operations and consultation for hotel investors.

Stevens is a first vice president with CBRE. He joined the company in 1996 in order to open the firm's Hotel Partners office in Dallas. He is a former principal with Westbrooke Hospitality Management.

Address: 15385 Katy Fwy. in Katy, Texas and 13420 Southwest Fwy., in Sugarland, Texas

Size: 290 rooms

Built: 1996

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Filed Under: Hotel/Resort

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