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New Jersey Hotel Group Picks Up 377 Rooms in Houston

HOUSTON-Riya Group of Cos. from Metuchen, NJ buys a pair of sky bridge-connected hotels near the George Bush Intercontinental Airport. The package, flying Hampton Inn and Clarion Inn flags, is assessed at roughly $10 million.

By Jennifer D. Duell | Updated on January 28, 2005

HOUSTON-After owning the Hampton Inn and Clarion Inn near the George Bush Intercontinental Airport for more than 10 years, Fort Smith, AR-based Hobbs & Curry Family Ltd. has exited the market, selling the properties to Metuchen, NJ-based Riya Group of Cos.

The 1980s-era properties, connected via a sky bridge, total 377 rooms. Both formerly were flagged as Hilton Inns. “Similar properties have sold from $25,000 to $40,000 per room,” says Tandy Lofland, president of Intergroup Realty Inc. who teamed with Fort Lauderdale, FL-based Steckroth Hospitality Group Inc. to represent the seller. Using those metrics, Riya Group paid $9 million to $15.1 million for the hotels. According to the Harris County Appraisal District, the assessed value is roughly $10 million.

“The airport submarket has been a little tough and these are older properties,” Robert Wiemer, vice president of the Tampa, FL-based Plasencia Group, tells GlobeSt.com. “I would be surprised if they even sold for the assessed value.”

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