Detailed Information
Location
Property Highlights
UNDER CONTRACT
- Fee-simple interest in the corporate owned and managed 84-room Extended Stay America (ESA) Houston I-45 North
- Available for individual sale, part of a South / Southeast ‘Sun-Belt’ 17-property portfolio available in the auction events ending on March 15th-16th
- Ability to purchase any combination of the 17-assets, affording buyers the opportunity to capitalize on strong regional operating economies of scale
- Strong in-place performance with trailing-24 -month year-over-year average ADR gains of nearly 10%
- Offered unencumbered of brand, debt, and management – with a variety of alternative brand options available for conversion
- Extended Stay product type with fully equipped kitchens is ideal for potential residential conversion or alternative use pending zoning and municipality approval
- Situated less than four miles from George Bush Intercontinental Airport (IAH) which services approximately 45MM passengers annually and is the seventh largest airport in the world
- George Bush Intercontinental Airport is currently in the midst of a $40MM renovation to better accommodate forward looking demand growth
- Ideally located within North Houston, proximate to all regional demand including ExxonMobil, Occidental Petroleum, Memorial Hermann, St Luke’s Hospital, and MD Anderson Cancer Center
- Property is readily accessible via Interstate 45 with upwards of 250,000 vehicles passing the location daily
- Rare opportunity to purchase corporate owned ESA assets amidst their first public marketing of properties since the +$6B portfolio acquisition in June 2021
- Extended stay economy product is widely revered as recession proof and remains a favorite investment sector amidst private and public investors
- Extended stay economy product has also vastly outperformed all other lodging sectors in recent years, with particularly robust growth amidst the COVID recovery
- High margin business model is ideally well positioned for any forward economic contraction given limited labor requirements with no sales department or food and beverage offering
- Optimal time to be investing in Houston with the city home to nearly 7MM residents, the second highest number of Fortune 500 headquarters within the US, and a highly favorable tax climate which has made it one of the fastest growing MSAs in the US for two consecutive decades