Limited Operating Data Doesn’t Deter Buyer

The Staybridge Suites is a 120-key extended stay hotel located at 9000 South Main St.

HOUSTON—The newly constructed Staybridge Suites Houston–Medical Center is a 120-key extended stay hotel located at 9000 South Main St. The flagged hospitality asset opened in January of this year and is situated in the Texas Medical Center submarket, one of Houston’s strongest submarkets. Its location near the NRG Park convention center, NRG Stadium, Rice University and the Texas Medical Center–with the world’s largest cancer and children’s hospitals–assures the area of a consistent flow of commercial, sports, academic and medical visitors.

To service those types of visitors, hotels, especially those of an extended stay variety, are needed and of keen interest to investors. Mission Capital Advisors’ debt and equity finance group recently arranged $15.26 million of acquisition financing on behalf of Midas Hospitality for the purchase of the Staybridge Suites. The Mission Capital team of Philip Justiss, Alex Draganiuk and Lexington Henn structured the recourse loan from IberiaBank.