Glascow Equity Investment purchased Fairfield Inn & Suites by Marriott at 24485 I-45. The Woodlands property is quite a catch, as it's the closest hotel to Exxons campus. Marcus & Millichaps Rahul Bijlani, Michael Yu, andEric Guerrero (not pictured)repped the seller and say the submarket has severe restrictions on new hotel construction. That--plus how rarely a hotel in The Woodlands comes to market--generated significant interest. It secured multiple offers before landing an out-of-state investor.
Another challenge: Escrow was difficult because the hotel is still under construction and was changing franchise affiliation from a Best Western Premier. (Unless you like off-roading, we suggest the valet parking.)This is the 22ndhotel transaction the Marcus & Millichap team has closed in the past year, and they tell us they have seven more in escrow and 11 listings across Texas. One big offering: The Homewood Suites by Hilton in Brownsville, which is for sale at an 11.48% cap.
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