HomeTowne Studios West Oaks Houston, TX

UNDER CONTRACT

• Fee-simple interest in the corporate owned and corporate managed 145-room Red Roof HomeTowne Studio Houston West Oaks TX
• Available for individual sale as part of a larger five property portfolio in the September 7th auction event
• Ability to purchase any combination of the five assets, affording buyers the opportunity to capitalize on strong operating economies of scale
• Strong in-place market performance with trailing-24-month year-over-year average comp set RevPAR gains of +11%
• Offered unencumbered of brand, debt, and management – with a variety of alternative brand options available for conversion
• Product type with fully equipped kitchens is ideal for potential residential conversion or alternative use pending zoning and municipality approval
• Extended stay economy product is widely revered as recession proof and remains a favorite investment sector amidst private and public investors
• 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
• Situated adjacent to and directly visible from Highway 6 and close to US Interstate 10, with more than 65,000 vehicles passing the location daily
• Proximate to all broader area energy demand, including corporate offices for BP America, ConocoPhillips, and Shell Oil Company
• 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 that will incentivize economic growth and diversification in the midst of the national economic recovery
• Houston remains poised for substantial growth, with WTI oil pricing remaining firmly above $70 a barrel. Houston was the second fastest growing metropolitan area from 2013-2023 with approximately 1.28MM new residents and is projected to gain another 1.24MM residents by 2029, which will make it one of the fastest growing metro area in the US for two consecutive decades