HVS Brokerage & Advisory has arranged the sale of the 74-key SpringHill Suites Galveston Island in Galveston, TX. The property, built in 2008, was purchased by PWZ Capital Group from Omkar Group Galveston.
HVS team members Eric Guerrero, James Rebullida, Fadi Rawashdeh and Kyle Peterek participated in this transaction.
Praful (Pat) Patel, president, Omkar Group Galveston, said, “Eric, James and the entire HVS Team successfully orchestrated a repositioning of our lodging portfolio. During our post-COVID discussions, they advised us on four hotels and three deals over a two-year period. It has been a pleasure working with such a talented, proactive team, and we look forward to continuing our relationship in the future.”
The property is located near the refineries in Texas City and is close to Port of Galveston Cruise Terminal, Pleasure Pier, Moody Gardens, Galveston Island Convention Center and Schlitterbahn Galveston Island Waterpark.
“This is the second hotel sale we completed for the seller in the past two years,” said Rebullida. “We appreciate Omkar Group’s confidence in us and their flexibility during the escrow process. After selecting a buyer, the lending environment shifted. Despite the market headwinds, we found the right lender for the buyer. This is the buyer’s first Marriott-branded asset, and we are excited to see the product post-renovation.”