HOUSTON, July 31, 2018 /PRNewswire/ -- Ten-X Commercial, the nation's leading online and only end-to-end transaction platform for commercial real estate, today announced that Driftwood Hospitality and CBRE leveraged the Ten-X platform to conduct the sale of Hyatt House Houston. Driftwood Hospitality chose to transact this property using the Ten-X Commercial Managed Bid solution to maximize exposure and achieve market value for the property, while also relying on the Ten-X team to recommend a broker from their preferred network of +5,000 brokers.
Managed Bid, a Ten-X Commercial transaction solution, is a hybrid of the Live Bid transaction and a traditional offline transaction. In a Managed Bid transaction, prospective buyers submit indicative bids so that the seller and their broker can select the top offers to compete in a live auction. For the Hyatt House Houston property, the Managed Bid solution brought in 288 interested buyers that resulted in four, fully approved buyers and 14 total bids.
"We wanted to use Ten-X to expand our reach to qualified global buyers and commercial crossover investors while ensuring certainty of execution for our property," said Carlos Rodriguez, Driftwood Hospitality. "The Managed Bid process brought transparency and efficiency to the transaction while helping us achieve true market value for our property."
The Ten-X Commercial platform offers brokers and their clients an intelligently curated way to market, list, and transact all online. With Ten-X, brokers can enhance their reach, gain greater control with real-time reporting in a broker dashboard, and close more deals in less time.
"This transaction demonstrates how Ten-X collaborates with brokers and their clients to help them leverage our data-driven platform while empowering them to reach global investors while maximizing returns and increasing the certainty of close," said Anthony Falor, Managing Director of Hospitality at Ten-X Commercial. "Using our online platform, Driftwood Hospitality was able to engage hundreds of interested domestic and international buyers, including crossover commercial investors, and ultimately find a qualified, interested buyer for the property."
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About Ten-X Commercial
Ten-X Commercial is the nation's leading online and only end-to-end transaction platform for commercial real estate. Since 2009, the company has sold more than $20 billion in commercial real estate. The company blends data-driven technology with industry expertise to accelerate close rates and streamline the entire transaction process. Ten-X Commercial and its parent company, Ten-X, are headquartered in Irvine and Silicon Valley, Calif., with offices in key markets nationwide. Investors in the company include Thomas H. Lee Partners, L.P., CapitalG (formerly Google Capital) and Stone Point Capital.
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