The sale comes about nine months after the national chain hawked the 114-room Shoney's Inn & Suites in Sugar Land. Shoney's remaining three properties in town are in the process of being re-flagged to GuestHouse International, Lisa Hankamer, with CB Richard Ellis Inc.'s Houston-based hotel and leisure advisory group, tells GlobeSt.com.
As with the Sugar Land hotel, the buyer came knocking on ShoLodge's door for the Galleria-area Shoney's. The chain was asking close to $4 million for the property.
The buyer of record, CNAMS LP, is led by Navin Patel of Houston. The group owns several other hotels in town, including Wingate Inn and a Best Western at FM 1960 and Beltway 8, both in northwest Houston. Hankamer says the buyers have several other parcels allocated for hotel development in Houston.
The investment group's newest acquisition is being re-flagged to a Holiday Inn Express & Suites. Hankamer says the property has a modern layout so the re-branding should be simple to accomplish.
The hotel's location was a major selling point due to its positioning in one of the city's strongest performing submarkets and proximity to the Galleria. Year-end 2002 hotel occupancy for the submarket was 68%, a full 7% above the rest of the state, according to Houston-based PKF Consulting. As for daily rates, the Galleria area closed the year with the second highest rates in the city, charging an average of $136 per night.
About a year ago, ShoLodge announced plans to re-brand Shoney's as GuestHouse International properties. The Houston hotels are located at Dairy Ashford and Interstate 10 in west Houston; US Highway 290 in northwest Houston; the Astrodome area of south Houston.
Hankamer and Charles DeChiro of DeChiro Cos. in Houston represented the ShoLodge in the sale. The buyer was self-represented.
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