HVS Brokerage & Advisory announced the sale of the 57-key Howard Johnson by Wyndham Houma, located at 105 Lamar Street, Houma, Louisiana 70360.
The property, built in 2008, was purchased by Agha Holdings, based in Chatsworth, California, from KAK Enterprises, based in Houma, Louisiana.
Steven Hoang, Principal of KAK Enterprises, commented, “We were pleased to work with the HVS team on the sale of our hotel. They went the extra mile in their marketing process to make sure our hotel was being seen by not only those in Louisiana, but by those across the nation. After we had selected the buyer, we appreciated the consistent feedback and communication, as we were first-time sellers working with a first-time buyer out of California. Matt and Andrew were able to provide us with reassurance and clarity throughout the deal that made roadblocks in the escrow process simpler to navigate. We appreciate their hard work and would recommend them to anyone considering the sale of their hotel or looking to purchase their first hotel.”
Having operated as the leading hotel in its STR-defined competitive set for RevPAR growth, the Howard Johnson has been able to capitalize off Houma’s industrially diverse city, where over 30 oil and gas companies operate in the surrounding area, providing contractual business opportunities. Rooms revenue for this two-story, 57-room hotel has increased by nearly 400% since 2019, thus presenting a great opportunity, as foreseen by new ownership, to acquire this well-positioned asset and continue to outperform the competition.
“Through our expansive marketing process, we were able to capture a large amount of attention on this deal, mostly from out-of-state, first-time buyers who were capable of paying the highest price. The priorities we place in each transaction invariably differ based on the needs and motivations of the seller and the deal itself. In this transaction, we made it a priority to (1) understand the background of each first-time buyer, including their motivations and ability to close; (2) serve each party by educating and guiding them through each step of the transaction with open and clear communication; and (3) provide the buyer with a clear vision and roadmap to close. We’re honored to have worked with the seller in the transaction of this hotel and look forward to supporting the buyer obtain success in its investment,” said Matt Almy, Senior Associate of HVS Brokerage & Advisory.
HVS Brokerage & Advisory team members Matt Almy, Andrew Frosch, Joseph Manuel, Eric Guerrero, and Kyle Peterek participated in this transaction. Eric Guerrero, a licensed Louisiana real estate broker, served as broker of record for HVS Brokerage & Advisory.
