9002 Broadway St - Hospitality FOR SALE


Pearland, TX 77584
$4,950,000 USD
713-955-0012
9002 Broadway St, Pearland, TX for Sale
$4,950,000 USD
Hospitality - FOR SALE
1/19
null | Request Cap Rate

9002 Broadway St
Pearland, TX 77584


HIGHLIGHTS

  • Hotel's 17-year average room revenue: $1,287,412, showcasing financial strength and success.
  • In 2023, the hotel generated almost $1,300,000 in revenue, which was an 18.0% increase from the previous year.
  • Only three new hotels have been added to Pearland since 2011, creating a market environment with reduced competition.
  • The 56-key count, ideal for owner/operators, can expand by adding 5 rooms, providing an avenue for enhanced revenue opportunities.
  • Hotel ranks 3rd in average daily rate (ADR), indicating significant room for improvement (Dec 2023 STR Report).
  • Conversion Opportunity in InterContinental Hotels Group's (IHG) Latest Midscale Hotel Venture, Garner Hotels.

OVERVIEW

For more information, please visit the HVS marketing website to electronically execute the confidentiality agreement and get access to the Virtual Deal Room (VDR): https://brokerage.hvs.com/listing/?id=144296 HVS Brokerage & Advisory, as the sole and exclusive advisory firm to ownership, is pleased to present the opportunity to acquire the 56-key La Quinta Inn & Suites by Wyndham Pearland – Houston South, a limited-service hotel asset in Pearland, Texas. A more “hands on” investor will have the ability to realize the significant upside of renovating and owning a hotel property with further potential at a price well below replacement cost. The property benefits from its strategic location along Broadway Street in Pearland, within two miles of State Highway 288, which provides an attractive environment for visitors given its numerous retail and dining options, as well as sports and leisure-related facilities. PRICE REDUCTION: $4,950,000 Ownership is motivated to sell the property and has agreed to reduce the price to $4,950,000, or $88,000 per key (rounded). Please contact Joseph Manuel for more details: jmanuel@hvs.com

FOR SALE DETAILS

PRICE

$4,950,000 USD

PRICE/SF

$148 USD /SF

# OF ROOMS

56

PRICE/ROOM

$88,393 {currency}

CAP RATE

Request Cap Rate

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

La Quinta Inn & Suites Pearland-Houston South

PROPERTY TYPE

Hospitality

TOTAL BUILDING SIZE

-

STORIES

3

ROOM ENTRANCE

Interior

BUILDING CLASS

B

YEAR BUILT

2007

PARKING SPACES

64

LAND DETAILS

LAND ACRES

2.19 AC

LAND SF

95,396 SF

ZONING

0005

APN/PARCEL ID

0309-0006-000

ASK ABOUT THIS PROPERTY

713-955-0012

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713-955-0012

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