US-based Jain Hotels Management has purchased TownePlace Suites by Marriott hotel in McKinney, Texas for an undisclosed amount.
The transaction was carried out with Beaumont, Texas-based residential property management firm Pride Management.
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Located at 1832 Marketplace Drive, McKinney, the 88-room TownePlace Suites Dallas McKinney hotel was built in 2016.
The four-floor property offers free internet and complementary on-site parking space, as well as boasts on-site fitness centre and outdoor swimming pool.
HVS Brokerage & Advisory team members Eric Guerrero, James Rebullida, and Fadi Rawashdeh took part in the deal.
Jain Hotels Management Neel Jain said: “We enjoyed working with HVS on purchasing the TownePlace Suites Dallas McKinney. Working with Eric and his team was simple and easy.
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By GlobalData“They were wonderful about staying in constant communication with us from start to finish and ensured that we had a smooth closing. I look forward to working with them again as we grow our Texas portfolio.”
The hotel had more than 70% occupancy rate at the time of closing.
According to HVS, Jain Hotels showed interest in purchasing an underperforming, Marriott-branded extended-stay hotel for less than replacement cost.
Ten-X auction platform was used to market and sell the property, which resulted in a purchase price that was 107% of the reserve.
HVS Brokerage & Advisory managing director Eric Guerrero said: “The extended-stay product and highly desirable Dallas market made this a highly attractive opportunity in the marketplace.
“We had over twenty unique bidders in the Ten-X auction and were able to exceed the seller’s pricing expectations in a competitive bidding process.”
