- LIG acquired Hampton Inn Monahans in Monahans, Texas.
- Hodges Ward Elliott brokered the deal.
- The hotel is near Monahans Sandhills State Park and the Million Barrel Museum.
LAKSHMI INVESTMENT GROUP acquired the 73-key Hampton Inn Monahans in Monahans, Texas. Hodges Ward Elliott brokered the deal.
The 54,374-square-foot hotel is in the heart of Texas' Ward County. The financing was secured through LIG’s Harsh Patel, Jose De Paz and Ricky Patel. The buyer was represented in the deal by Austin Brooks of Hodges Ward Elliott, LIG said in a statement.
The 2020-built hotel includes a 24-hour fitness center, outdoor pool and approximately 300 square feet of meeting space. It is near Monahans Sandhills State Park and the Million Barrel Museum and two miles away from Roy Hurd Memorial Airport-E01.
Dallas-based LIG is led by founder and principal Jayden Patel.
“As Founder at 22, I don’t take these milestones lightly,” wrote Patel on LinkedIn. “Building something meaningful requires patience, discipline and the right people around you.”
The property management will be transferred from Peachtree to LIG.
“After acquiring the asset, our team worked quickly behind the scenes to get everything ready to open the doors and welcome guests,” the company shared on LinkedIn.
Separately, Noble Investment Group acquired the 214-key Renaissance Reno Downtown Hotel & Spa on the riverfront in Reno, Nevada. Other terms were not disclosed.
