TULSA-Capping a six-month sale in Oklahoma and Texas, a Dallas company and its San Francisco lender have hawked the last asset in a 775-room, five-hotel portfolio. Sources say the vintage package sold for less than $20 million on a cherry-picked basis.

Lexington Suites Corp., an Oryx Real Estate Equities Inc. affiliate, and Wells Fargo Bank closed out the disposition with the hand-off of the 246-room Lexington Hotel Suites, positioned on 3.11 acres at 16410 N. Freeway in Houston. The portfolio hit the market in fall 2005 for $15.5 million. Sources say the sellers netted upward of $10 million, but not more than $20 million.

“People looked at them in groups and separately, but we found there was a higher value achieved for our client through individual sales,” explains Bert Stevens, first vice president with CB Richard Ellis in Dallas. He teamed with CBRE senior associate Lisa Hankamer in Houston to dispose of the package.

Stevens says the three Texas and two Oklahoma hotels were acquired by different investors throughout the country in direct deals. The Oklahoma properties are the 145-room Lexington Hotel Suites, situated on 2.41 acres at 1200 S. Meridian Ave. in Oklahoma City and 162-room, 2.8-acre Lexington Hotel Suites at 8525 E. 41st St. in Tulsa. The other two Texas properties are a 108-room hotel on 1.7 acres at 4150 Independence Dr. in Dallas and 114-room, 1.7-acre flag at 115 Interstate 35 in Waco. Stevens tells GlobeSt.com that the seller is “working on other business ventures right now and will use the capital from the sales to fund those.”

One industry source speculates Lexington sold its portfolio because the brand is past its heyday and the properties are, on average, 20 years old. “This is a tired brand,” the source assesses, adding the new owners will likely re-brand and reposition the properties.

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