Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Fairfield Inn & Suites by Marriott, an 85 room hotel located at 24485 Interstate 45, in The Woodlands, TX, according to David H. Luther, Vice President/Regional Manager of Marcus & Millichap’s Houston office. The asset is the closest hotel to the new World Headquarters for ExxonMobil, the largest company in the world. ExxonMobil is located in the high barrier-to-entry market The Woodlands, which has severe restrictions on new hotel construction and a strong diversified local economic climate.
Michael Yu and Rahul Bijlani, Senior Directors of the National Hospitality Group and Eric Guerrero, a Senior Associate of the National Hospitality Group in Marcus & Millichap’s Houston office, had the exclusive listing to market the property on behalf of the seller, a Houston based hotel developer. Given the rarity that a hotel comes to the market in The Woodlands, the group generated significant interest from both in-state and out of state buyers and secured multiple offers. They were also able to navigate a challenging escrow process, due to the fact that the hotel was still under construction and was changing franchise affiliation. The ultimate buyer was an out of state hotel investor who owns multiple hotels across several states.
This sale represents the 22nd hotel transaction the Yu-Bijlani Hospitality team has closed in the last 12 months. They currently have seven hotels in escrow and 21 listings spread across Texas.
With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 5,085 transactions in 2011, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.