Marcus & Millichap has brokered the sale of a 188-room hotel portfolio in the East Texas city of Port Arthur. The 92-room Holiday Inn Express & Suites Port Arthur was constructed in 2010 and renovated in 2019, and the 96-room TownePlace Suites Beaumont Port Arthur was originally constructed in 2014. Both hotels are part of the Intercontinental Hotels Group (IHG) family of brands. Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, Texas-based Daugherty Property Group, in the transaction. The duo also procured the buyer, an out-of-state, 1031 exchange investor.

Marcus & Millichap’s Chris Gomes says the properties were in a good position, “Both properties benefit from strong in-place cash flow, limited new supply, and best-in-class brand affiliations.”

The Holiday Inn Express & Suites Port Arthur underwent IHG Hotels & Resorts’ full Formula Blue property improvement plan requirements in 2019. Constructed in 2014, the TownePlace Suites Beaumont Port Arthur is an extended-stay hotel with amenities like business and fitness centers, an outdoor pool, laundry service, barbecues, and picnic area.