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LUBBOCK, TX-The 80-room Marriott Residence Inn Lubbock has moved into the portfolio of a Texas-based partnership, which will continue operating under the existing flag. Area sources say the 22-year-old hotel brought in the neighborhood of $75,000 per room or $6 million.

Situated on 2.4 acres at 2551 S. Loop 289, the hotel is the third acquisition in Texas for SA Laredo Enterprises Inc. A spokeswoman with McLean, VA-based Molinaro Koger says the tract’s size allows for future expansion. Baywood Hotels of Greenbelt, MD will manage the asset.

The seller is Lion ES Hotels II LLC of Richmond, VA, which has sold its sixth Residence Inn to date this year. Andrew Kern, senior vice president in Molinaro Kroger Inc.’s office in Washington, DC, brokered the Lubbock sale.

Molinaro Koger’s spokeswoman tells GlobeSt.com that the seller is cashing out on some assets while prices are on the upswing and demand is high for extended-stay properties. She adds that more than 10 offers came in for the Lubbock asset. She says the hotel attracted so many offers because Lubbock is a growing market anchored by Texas Tech University and employers like Covenant Health System and United Supermarkets LLC.

According to Smith Travel Research, the property’s metrics reflect a RevPAR of $68.23, 74.2% occupancy and $91.95 average daily room rate. The Hendersonville, TN-based research firm has reported that the hotel is performing at 115% RevPAR in comparison to competing properties in the market.

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