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Moody National Buys 120-Room Hampton Inn

HOUSTON-Second time's the charm for an 11-year-old Hampton Inn, which reportedly sells for $8 million to $10 million.

By Amy Wolff Sorter | Updated on October 24, 2006

HOUSTON-With the Hampton Inn brand intact, Moody National Cos. has taken the 120-unit hotel off the hands of a local developer in an off-market transaction. Sources familiar with the hospitality market say the Energy Corridor asset probably fetched $8 million to $10 million.

Mississippi Hospitality Development Co. LLC had a contract fall out earlier this year for the four-acre property at 11333 Katy Freeway. “The buyer had decided to pass because it didn’t fit their needs so the owner just told us to refinance it and they’d hold the asset,” says Leonard Smith, senior vice president of Chicago-based Aries Capital Inc. Then along came locally based Moody National with an offer.

“What’s happening in this case is that the seller wants to move into larger properties and is taking depreciation on the existing property,” Smith tells GlobeSt.com. “They had a lot of equity in the Hampton Inn and they’re moving it to other areas.” But, he adds that he’s not aware of any potential closings on the seller’s immediate docket.

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