2228 U Ave
60 Room Value Add Hotel
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Executive Summary
Property Details
Location Map
Price
Price Per Room
Sale Type
Cap Rate
Sale Conditions
Property Type
Property Subtype
Lot Size
Building Size
No. Rooms
No. Stories
Year Built
Corridor
Opportunity Zone
$395,000
$6,583
Investment
1%
Deferred Maintenance
Hospitality
Hotel
3.30 AC
31,948 SF
60
2
1990
Interior
No
Demographics
Total Households
11
2,781
10,563
Total Population
30
6,668
27,616
Average HH Income
$79,752
$57,057
$55,492
Property Description
Property Overview
The subject property is currently a independently owned hotel that was a former Motel 6 constructed in 1983. The exterior corridor property includes 79 guest rooms and one manager’s quarter with 1 bedroom and 1 bathroom and full kitchen. The building is 24,168 SF and sits on a 2.29 acres lot. Amenities include: pool, ample parking, large pylon sign and visibility from Highway 84 and Interstate 20. The location offers an excellent mix of hotels and restaurants and sits adjacent to US Route 84. This highway runs a length of about 1,919 miles from Colorado and passes through New Mexican, Texas, Louisiana, Mississippi, Alabama and ends in Georgia.
Potential buyers have the opportunity to create value through a renovation and repositioning of the asset, which is currently managed by out-of-state absentee owners. Current revenues are well below the competitive set within the city of Sweetwater. 2019 data shows Occupancy at 59.3%, ADR at $75.83 and RevPAR at $45. The RevPAR indicates a potential for this hotel to generate over $1.2M in revenues. A new owner can achieve the increased income by completing a renovation, repositioning the advertising strategy to online websites and adding amenities like continental breakfast.
Location Overview
Sweetwater, the “Wind Energy Capital”, is the largest population center of Nolan County located on Hwy 84 and I-20 virtually halfway between El Paso and Shreveport. The city is located 40 miles west of Abilene, 75 miles north of San Angelo, 125 miles southeast of Lubbock, 130 miles east of Odessa and 190 miles west of Forth Worth. Sweetwater’s 585 MW Wind Farm is the largest in Texas.
Complete Property Highlights
79 Rooms Value Add
Pool and Ample Parking
Manager’s Unit with 1 Bed/1 Bath & Full Kitchen
Excellent Highway 84 & Interstate 20 Visibility
Along Excellent Retail Corridor
Blocks From Rolling Plains Memorial Hospital
Minutes from Texas State Technical College & Avenger Field Airport
Absentee Ownership Ready to Retire
SELLER FINANCING AVAILABLE
