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THE WOODLANDS, TX-A Houston developer has sold the 94-room La Quinta Inn & Suites for slightly less than the $6.4-million ask. The hotel, built six years ago, was the final piece of a three-property hospitality portfolio.

“The seller decided a couple of years ago to liquidate these hotel assets. The portfolio was sold to different people within the past 12 months,” says Michael Yu, investment associate with Marcus & Millichap Real Estate Investment Brokerage Co. in Houston. Yu represented the seller, Prosperity Lodging Number II Ltd.

Yu tells GlobeSt.com that the La Quinta Inn & Suites, situated on two acres at 24868 Interstate 45, was on the market six months, attracting eight offers. “The buyer ultimately did a good job with due diligence,” he says, “and he put some hard money up front.”

Yu says the buyer from nearby Spring, who has restaurant assets in the region, is keeping the La Quinta brand and maintaining the hotel as-is. The broker says occupancy is running at 70% and average daily room rate is $72, both of which are slightly below the market rate. Marcus & Millichap’s Rahul Bijlani assisted with the transaction.

Yu also represented the seller in its two other hotel sales: the 76-room La Quinta Inn & Suites-Willowbrook at 18828 Texas 249 and 120-room Holiday Inn Express in the Woodlands at 24888 Interstate 45.

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