Thursday, April 22, 2010

Mike Blum with NAI RGV Comments on the New 5 Story Hotel Being Built in McAllen

New 5 Story Hotel Being Built in McAllen

A new 5 story hotel is being built by local businessmen; its location is possibly one of the most strategic locations in McAllen, easy to get in and easy to get out, close to everything that is important for any traveler. The new Hampton Inn & Suites hotel is being built on the corner of Col. Rowe (2nd Street) and Expressway 83, just a few steps east of the overpass.

The owners are Castle Hospitality locally owned by Larry Fallek, Michael Fallek, Bob Wallace, and Rick Guerra. They also own and operate the Courtyard by Marriott, Fairfield Inn & Suites, SpringHill Suites, Romano's Macaroni Grill, and Tony Roma's in McAllen. In Laredo, they own and operate Embassy Suites, Fairfield Inn and Tony Roma's.

Mike Blum, NAI-RGV managing partner was the one who put together this deal and worked on it for about a year before it became a reality. “These 3 acres of land are in the center of McAllen, along the Expressway, in the heart of the medical center and between the Pharr exit and the Mission exit plus they are surrounded by high-end development and retail shopping. This is one of the most prime real estate pieces left on the Expressway in McAllen,” Blum stated.

Bill Moschel and Jim Moffit were the previous owners and Blum did a Master plan for them back in 1993. They have owned the property for the last 20 years or more. “I think that the fact that this property is owned, developed, built, banked and sold by local people; when you look at the economic multipliers, the strength of the local economy is felt,” Blum stated. He added that this transaction resulted in multiple transactions and became huge so he does not know the number of multipliers in this single transaction.

Rick Guerra is the Vice President of Operations of Castle Hospitality and the management company that runs the hotels and is also ...

Click here to read more

No comments:

Post a Comment