Address:
Lubbock, Texas
Description:
UNDER CONTRACT
- Fee simple interest in the 103-room Courtyard by Marriott, 80-room Hampton Inn & Suites, and 107-room Holiday Inn Express Lubbock TX offered at a discount to replacement cost
- Properties are being sold individually or as a portfolio, providing buyers the opportunity to purchase three assets within close proximity and capitalize on strong operating synergies by owning three well branded hotels serving different market segments and brands
- Well diversified and strategically located portfolio that currently has positive NOI and averaged $80 RevPAR pre-COVID
- Portfolio available unencumbered of debt with ability to retain the franchise on all three for long-term licenses upon franchise approval and completion of PIP
- Minimal Capex and PIP expectations based on recent Hampton renovation and age of Courtyard and Holiday Inn Express
- The Courtyard by Marriott and Holiday Inn Express are situated adjacent to and directly visible from US-82 with more than 73,000 vehicles passing the location daily. The Hampton Inn & Suites is situated adjacent to and directly visible from TX-289
- Proximate to all broader demand including Texas Tech University, Covenant Health, University Medical Center and Texas Tech Health Sciences
- Opportune time to invest in the Lubbock MSA given the population is expected to grow at approximately 6 percent over the next five years
Listing Agents
Kami Burnette
T | 512.831.5605
Email
Mason McDavid
T | 512.543.4653
Email
Scott Griemsmann
T: 415.419.5765
Email
DRE #01336236
Categories List:
Limited Service
Under Contract