New TMC Hotel Will Be Hospitality Company's First In Texas
St. Louis-based Midas Hospitality bought Staybridge Suites near the Texas Medical Center from Pride Management for an undisclosed amount. The move is the first in Texas for Midas, which jumped at the opportunity due to the asset's proximity to the TMC. With many out-of-state investors looking at other cities in Texas, the deal shows Houston still has opportunity, especially around the robust medical sector.
“Houston is a continuously evolving city, and we have researched this market for many years. The acquisition happened at the right time and place for us, and we could not be more excited to be a part of this growing community,” Midas Hospitality CEO David Robert said in a press release.
CBRE Hotels’ Michael Yu, Rahul Bijlani, Eric Guerrero and Agrama Mannapperuma represented Pride Management. No broker information for Midas was provided.
“This transaction points to the sustained trend that the Texas Medical Center is the most sought-after submarket to acquire hotels in Houston,” Guerrero said. An Embassy Suites, Residence Inn and 353-room Intercontinental are also in the works near the TMC. TMC is also working on its own hotel, expected to open in 2020.
