HVS Brokerage & Advisory has closed on the sale of the 65-key Candlewood Suites Port Arthur/Nederland in Nederland, Texas, for an undisclosed amount.
Drubo Hospitality of Los Angeles acquired the property from Houston-based seller US Harmony. This asset is the buyer’s second hotel transaction with HVS and its second hotel acquisition in Texas.
The hotel, which was built in 2001, is located within the booming petrochemical Beaumont/Port Arthur market. Major petrochemical players, including Exxon, Motiva, Total SA, Nova Chemicals Corp, and Chevron, have announced multiple refinery expansions in the market totaling over $10 billion of economic investment in the coming years.