The HFF debt placement team representing the borrower was led by managing director Steven Klein, director Casey Wenzel and associate Rory Shepard.

“A large part of the success of this transaction is attributable to Wheelock's ability to increase the hotels' performances through both their institutional ownership and deep knowledge of improving and operating hotel portfolios, as well as the strategic locations next to significant demand drivers in their respective submarkets,” Klein said.

Meanwhile in Texas City, TX, the economic base has emerged within the last century to become a major global economic power. Boasting one of the largest ports in the country, it is a gateway to worldwide trade and a major hub for world energy supplies.

An additional property, Holiday Inn Express & Suites located 2440 Gulf Freeway has sold there. The 70-room hotel is positioned midway between Houston and Galveston on Interstate 45.

Texas City Hospitality LLC purchased the hotel from Peet Hotels Inc. as an investment opportunity for an undisclosed price. CBRE Hotels' Eric Guerrero, Michael Yu, Rahul Bijlani and Dennis Drake represented the seller and the buyer.

“Texas City is a unique submarket of Houston. They did not see a decline in revenues related to low oil prices as compared to other markets. It is a refinery-based market that is uniquely positioned to get overflow from Galveston during the summer months when tourism is high. These are a few of the reasons the buyer was attracted to this opportunity,” Guerrero said.

Year to date, this sale represents the fifth Southcentral US hotel transaction for these CBRE Hotels professionals in Houston, who have an additional 10 transactions under contract and 21 hotels exclusively listed for sale.

“Despite declining revenues in some parts of Houston, we are finding a lot of investors who are interested in this market,” Drake says. “We have closed on three Holiday Inn Express Hotels in the Houston MSA in the last three months, two of which were with investors from out of state.”

HOUSTON—As oil prices start rebounding, more investors are looking to invest in Houston to take advantage of better pricing compared to a couple of years ago. In addition, some submarkets did not have declines in revenues related to low oil prices and are continuing to show investor interest, GlobeSt.com learns. Two cases in point are a four-property Marriott portfolio and a Holiday Inn Express & Suites within the Houston metro, along with two properties in Nashville.

Holliday Fenoglio Fowler LP arranged $45 million in refinancing for a portfolio comprising four Marriott-branded hotels totaling 441 rooms in College Station and Round Rock, TX, and Nashville. HFF worked on behalf of the borrower, Wheelock Street Capital LLC, to place the three-year floating-rate loan with two one-year extensions with a national bank. The loan was used to take out existing acquisition financing and provide capital to continue the borrower's property improvement plan.

The portfolio, which the borrower acquired in 2013, comprises two properties in Texas, the 125-room Courtyard Marriott in College Station and the 113-room Courtyard Marriott in Round Rock, and two in Nashville, the 94-room Courtyard Marriott Opryland and the 109-room Fairfield Inn & Suites Opryland. All four hotels are located within significant demand drivers in each respective market.

The Courtyard College Station at 3939 State Highway 6 is at the main campus of the Texas A&M University System, and the Courtyard Round Rock is at 2700 Hoppe Trail is next to the 2.1 million-square-foot Dell world headquarters and an additional 9 million square feet of premier office space within a 5-mile radius.

The HFF debt placement team representing the borrower was led by managing director Steven Klein, director Casey Wenzel and associate Rory Shepard.

“A large part of the success of this transaction is attributable to Wheelock's ability to increase the hotels' performances through both their institutional ownership and deep knowledge of improving and operating hotel portfolios, as well as the strategic locations next to significant demand drivers in their respective submarkets,” Klein said.

Meanwhile in Texas City, TX, the economic base has emerged within the last century to become a major global economic power. Boasting one of the largest ports in the country, it is a gateway to worldwide trade and a major hub for world energy supplies.

An additional property, Holiday Inn Express & Suites located 2440 Gulf Freeway has sold there. The 70-room hotel is positioned midway between Houston and Galveston on Interstate 45.

Texas City Hospitality LLC purchased the hotel from Peet Hotels Inc. as an investment opportunity for an undisclosed price. CBRE Hotels' Eric Guerrero, Michael Yu, Rahul Bijlani and Dennis Drake represented the seller and the buyer.

“Texas City is a unique submarket of Houston. They did not see a decline in revenues related to low oil prices as compared to other markets. It is a refinery-based market that is uniquely positioned to get overflow from Galveston during the summer months when tourism is high. These are a few of the reasons the buyer was attracted to this opportunity,” Guerrero said.

Year to date, this sale represents the fifth Southcentral US hotel transaction for these CBRE Hotels professionals in Houston, who have an additional 10 transactions under contract and 21 hotels exclusively listed for sale.

“Despite declining revenues in some parts of Houston, we are finding a lot of investors who are interested in this market,” Drake says. “We have closed on three Holiday Inn Express Hotels in the Houston MSA in the last three months, two of which were with investors from out of state.”