Prem Hospitality Enterprises has purchased the Fairfield Inn & Suites in Spring, Texas, has been sold in a deal brokered by Marcus & Millichap. Other terms and conditions were not disclosed.
Rajan Patel, investment specialist in Marcus & Millichap’s Houston office, exclusively marketed the property on behalf of the seller, Paramount Spring Group LLC, and procured Dublin, Ireland-based Prem Hospitality. The transaction received additional support from Allan Miller, Chris Gomes and Skyler Cooper of the Miller-Gomes Hotel Team.
“This was a complex transaction that spanned nine months, including a six-month escrow, and involved complications with lending, title issues and shifting market conditions,” said Rajan Patel, associate investments. “Despite the roadblocks, our team remained persistent, and we’re proud to have delivered a successful outcome for both parties.”
Built in 2013, Fairfield Inn & Suites Houston North/Spring includes 85 rooms and is four miles south of The Woodlands. Amenities include an outdoor pool, fitness center and meeting spaces.