Canadian Investor Snags Houston-Area Hotel

Prime Developments, headquartered in Calgary, Alberta, in Canada, struck a deal with Pride Management Inc. to acquire the Holiday Inn Express & Suites Houston East, located in Baytown, TX. The 91-key property at 7515 Garth Rd. is Prime Development’s second in the Houston area, with apparently more to come.

“We remain positive for the overall market, and continue to work actively with CBRE Hotels in assisting Prime to find more value-add hotels,” said Moiz Bhamani with Prime Developments.
CBRE Hotels’ Michael Yu, Rahul Bijlani and Eric Guerrero negotiated the transaction. The sales price was not disclosed.

“The East Houston/Baytown market is currently one of the top performing submarkets within the Houston MSA,” Guerrero said. “The demand in the area has increased as the downstream oil/gas business activity has thrived in the past few years. Buyers are attracted to the strong cash-flow that hotels in this market can generate.”

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