HREC Arranges Sale of Houston Hampton Inn
MARCH 25, 2009 - HREC Investment Advisers today announced it arranged the sale of the 74-room Hampton Inn & Suites Cypress Station located in Houston, Texas. The buyer, an out-of-state owner/operator, also acquired an adjacent hotel development parcel. The seller is a Houston-based developer.
"We worked through a number of challenges beyond the current capital and economic crisis to get this deal done," stated Patrick Bajdek, HREC's Vice President in the Dallas office. "Last fall, Hurricane Ike devastated parts of Houston.
Fortunately, the Hampton Inn was spared major damage but did require repairs prior to closing the transaction. We found the right buyer who worked through these complicated issues and consummated the deal."
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