OMKAR GROUP RECENTLY sold its SpringHill Suites by Marriott Galveston Island, in Galveston, Texas, to PWZ Capital Group. The hotel sale was facilitated by HVS Brokerage & Advisory.
Built in 2008, the property's location near the Interstate 45 and 61st is close to the Texas City refineries, according to HVS. It is also near several tourist attractions, such as beaches, the Port of Galveston Cruise Terminal, Pleasure Pier, Moody Gardens, Galveston Island Convention Center and Schlitterbahn Galveston Island Waterpark.
Omkar Group president Praful "Pat" Patel said the HVS team was very helpful.
"During our post-COVID discussions, they provided valuable advice on four hotels and three deals spanning two years,” Patel said.
The SpringHill Suites is the second hotel sale HVS completed for Omkar Group in the past two years, said James Rebullida, HVS vice president.
“We appreciate Omkar Group’s confidence in us and their flexibility during the escrow process. After selecting a buyer, the lending environment shifted,” Rebullida said. “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.”
