Hotels for Sale

TOWNEPLACE SUITES LUBBOCK, TX

Address:
Lubbock, Texas
Description:
  • Fee simple interest in the institutionally owned and third party managed 88-room TownePlace Suites Lubbock, offered at a substantial discount to replacement cost
  • Lender controlled asset was part of a larger portfolio foreclosure in 2017
  • Available unencumbered of debt and third-party management with the ability to retain the TownePlace Suites brand for a new long-term license
  • Significant operational upside following foreclosure process with very limited capital investment in property improvements in many years
  • Situated adjacent to Texas State Highway Loop 289 with direct visibility to the upwards of 74,000 vehicles passing the location daily
  • Within walking distance of nationally recognized restaurant chains and approximately one mile from the 1.2MM square foot South Plains Mall retail and cinema complex
  • Ideally located approximately four miles from Texas Tech University, with current enrollment of approximately 38,000 students following ten consecutive years of enrollment growth
  • Proximate to all broader regional demand including downtown Lubbock, Lubbock Preston Smith International Airport, Buddy Holly Hall of Performing Arts & Sciences, Lubbock Covenant Health System, Depot Entertainment District, Lubbock Memorial Civic Center and the Overton Convention Center
  • Optimal time to be investing in Lubbock market following five consecutive years of unprecedented population and economic growth including the addition of 52 companies and +$700MM of regional capital investment resulting in a current unemployment rate that is nearly 1% below Texas state and US national averages

Listing Agents

Kami Burnette
T | 512.831.5605
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