9041 Westheimer to Remain a Hotel After Acquisition

Sam Patel recently acquired a hotel property at 9041 Westheimer Rd. Nestled on 1.6 acres located 10 minutes from Houston’s Galleria district, the property has access to major thoroughfares as well as popular retail and residential areas. Patel plans to retain the property’s hotel status.

Belvoir Real Estate Group LLC vice president Kyle Fischer represented the seller in the transaction.

Following a difficult year, Houston’s hospitality market is on the path toward recovery, as evidenced by CoStar’s latest report. Transaction volume has posted a significant increase, with 2021’s estimated sales volume already surpassing total sales volumes for each of the prior six years. Average daily rate (ADR) and revenue per available room (RevPAR) are at the highest levels since spring of 2020, sitting at $95.19 and $56.22, respectively. Meanwhile, occupancy levels reached 59.1 percent in July, a slight decrease from March’s peak, but in keeping with usual seasonal trends.

“The COVID-19 pandemic had a substantial impact on virtually every aspect of life, but the hospitality industry was hit especially hard,” says Belvoir CEO Matthew Goldsby. “But Houston is a resilient place and the outlook is encouraging. We expect to see ongoing growth and success in this sector as we continue working to put the pandemic behind us.”