Houston Firm Buys Hyatt House Houston
Hyatt House Houston Energy Corridor, a 116-room, extended-stay hotel, has a new local owner.
Houston-based Energy Corridor Hotels LLC purchased the property at 15405 Katy Freeway from Florida-based Driftwood Hospitality for an undisclosed price.
“We received tremendous buyer interest on this sale," CBRE Senior Vice President Michael Yu, who marketed the property, said in a release. "The Houston market is improving since the energy industry is recovering. We have sold 19 hotels in 2018 year to date, five of which are in the Houston area. Several more are under contract to close soon."
The hotel market in Houston, like many others, is rebounding from the oil downturn. Stabilizing from the post-Harvey boost, occupancy recorded a 6.2% increase in July, year to date, and a 9.6% increase in demand, well above the national average at 2.9%, according to the STR Trend Report.
Hotel construction is also picking back up citywide. More than 5,300 new rooms are under construction with more than double that in final planning or planning stages, according to STR data.
CBRE’s Yu and Rahul Bijlani and Ten-X Commercial's Agrama Mannapperuma represented the seller and the buyer.
