Myra Moren, a director in the Houston office of Holliday Fenoglio Fowler LP, tells GlobeSt.com the seller and buyer declined to disclose the purchase price at this time "for various tax reasons." However, hotel brokers familiar with the eight-year-old property, tell GlobeSt.com they place the estimated price in the $20-million range or about $130,000 per unit. A source intimate with deal's closing tells GlobeSt.com the contract price was "well above" $90,000 per unit. GE Capital Real Estate provided the acquisition and renovations loan which will be serviced through HFF.

HFF senior managing director James E. Savage and managing director B. Jeffrey Knowles, along with Moren, marketed the property for the seller which developed the hotel in 1998. Knowles tells GlobeSt.com the estimated average 12-month occupancy level is 77%. He says the financial component of the transaction took 60 days to complete.

Hawthorn Suites Riverwalk "one of the top-performing, Hawthorn-licensed properties in the United States." Savage says. "It would be difficult to replicate a competitive property of the same quality due to the scarcity of developable sites along the river and the escalating development costs."