CBRE Hotels arranged the sale of three Hyatt Place assets in Texas. The hotels are located in Austin, Dallas and San Antonio.
CBRE’s Michael Yu, Rahul Bijlani, Agrama Mannapperuma and Dennis Drake, in conjunction with Ten-X Commercial through an online auction process, represented the seller.
“With very low occupancy post-COVID and non-functional hotel debt market, it is an extremely difficult market to sell hotels like this,” said Yu, senior vice president at CBRE. “However, we were able to create a very competitive market with TEN-X on this asset. We have over 20 full qualified bidders and created a bidding war to really push the value. The winning bidder is an all-cash buyer and closed the transaction in 31 days.”