Purchase Price Is $100,000,000 Plus 3%.
(To Move Forward The Buyer To Please Follow The Protocol Below).
This Newly Re-Modeled Hotel Is Located At Kirby Drive, Houston, TX 77054
A top to bottom $35M renovation was recently completed in November 2015.
The 2016 forecast includes actual bookings for confirmation of 2016 forecast as well as the 2017 advanced bookings.
Based on 2016 pro forma & actual bookings, it will more than possible to meet and even exceed a 7% cap rate based on a $100 plus 3% sale price, subject to the new owner's operational performance.
Re the current yield of Hotel, the data room is available upon provision/receipt of the LOI - Proof of Funds, not before.
In addition to the Hotel, there are two separate parcels available for sale - one is 12.44 acres & the other is 3.2849 acres.
The land play alone makes this a very attractive upside deal. The permits & entitlements are in place to build 2 new towers on the property. Hence, the upside is very strong.
What is certain is that this Hotel/Land has no comparable in the City of Houston. By way of example, it's within a stones throw of the Houston Texans Stadium (NRG Stadium), which also houses the nation's largest rodeo (Houston Livestock Show & Rodeo) and numerous other high profile events, not the least of which is Super Bowl 51 coming February 5, 2017.
A brief investigation of the area would reveal that there are no other parcels remote to NRG Stadium available for development.
It's a very unique opportunity to own a Hotel and an enormous amount of land near NRG Stadium, one of the nation's largest medical centers & the future University of Texas campus.
Anyone would agree that opportunities like this do not come about very often, even on a national scale.
We can arrange for a site visit, allowing the prospective Buyer to get a better handle on the true intrinsic value of the property.
This Deal must not be externally marketed and is intended for end user Buyer that has shown strong & established interest and proof of funds.
There is no management contract . He self manages and can be terminated or changed at new owner's discretion.
Asking Price Over $20,000,000
Sales Between $5,000,000 and $10,000,000
Profit Between $5,000,000 and $10,000,000
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