DENTON, Texas—Marcus & Millichap announced the sale of a two-property, 180-room hospitality portfolio in Denton, Texas. The assets are an 88-room La Quinta Inn & Suites and a 92-room Holiday Inn Express & Suites.
“These two hotels are located across from each other within proximity of many local and regional demand generators and have excellent in-place operations,” said Chris Gomes, senior managing director of investments in Marcus & Millichap’s Dallas office. “Our buyer is well positioned to benefit from strong occupancy and growing revenue per available room rates that are trending towards outperforming the competition.” Gomes and Marcus & Millichap broker Allan Miller represented the seller, Dallas-based Angel Hospitality Group, and procured the buyer, an out-of-state individual.
“Both assets recently completed property improvement programs and maintain premium brand affiliations with two of the hospitality industry’s most trusted brands,” added Miller. “The La Quinta Inn & Suites is affiliated with Wyndham Hotels & Resorts and the Holiday Inn Express & Suites with InterContinental Hotels Group.”
The hotels are near the University of North Texas, Texas Woman’s College, Lake Lewisville, Denton Water Works Park, Diamond T Ranch & Arena, and Historic Downtown Denton. Businesses nearby include Peterbilt and Tetra Pak Inc., Texas Health Presbyterian Hospital Denton, Medical City Denton, and Federal Emergency Management Agency regional headquarters.
The La Quinta Inn & Suites was built in 2010 and improved in 2020-2021. Constructed in 2009, the Holiday Inn Express & Suites received improvements in 2020. Both in the two-hotel hospitality portfolio have on-site fitness centers, laundry facilities, business centers, and indoor heated pools with whirlpools.