15405 Katy Fwy
Houston, TX 77094
ES Park 10 Hotel · Hospitality Property For Sale · 28,777 SF

"Property tours are available by appointment only. Please contact the listing broker to schedule a tour of the property: Michael Yu at michael.yu@cbre.com or 713-577-1629. IMPORTANT NOTE: All tours must be scheduled with the broker team and participants may not self-tour nor speak to employees or management. TRANSACTION TIMELINEApril 24, 2018 - Indicative Bid Form due (see due diligence vault)April 26, 2018 - Finalists selectedMay 3, 2018 - Bidder Participation deposit ($50K) due to escrowMay 17, 2018 - Auction dayClosing period: 60 days Investment Highlights: Houston is a top 25 market in the country with consistent growth over time. Hyatt House is a nationally recognized upper-tier, extended stay brand. The Property is strategically located just off the intersection of Interstate 10 and State Highway 6, near several large power retail centers and restaurants, making it an ideal choice for guests. Property is performing significantly below the comp set with a RevPAR Index of 78.9% based on January Monthly STR Report, showing upside for a Buyer to grow revenue through better revenue management. In-place NOI is well below the norm for a Hyatt House, yielding only 11.47% of GR compared to an industry standard of 32%, allowing the opportunity to lower expenses to normalized industry standards. Completion of the transfer of ownership PIP is likely to result in higher RevPAR penetration to better compete with the comp set. Investment Overview: CBRE Hotels and Ten-X are pleased to solicit offers to acquire the fee-simple interest in the Hyatt House Houston West Energy Corridor (the ""Hotel"" or ""Property"") located in the Houston Energy Corridor, which historically has been one of the strongest markets in the city. The Property consists of 116 rooms and is ideally located on Interstate 10 and State Highway 6, providing convenient access to the area's significant demand generators in the energy industry. The Hotel is offered unencumbered of management and debt. The Property is located within close proximity to the following major companies: Diamond Offshore Drilling Inc (within a few feet), Shell (1 mile), BP (1.2 mile), Wood Group (1.2 miles), Mustang Engineering (1.5 miles), Transocean Offshore (1.5 mile), Alliance WG Engineering (2.4 miles) and Conoco Phillips (2.6 miles). For the leisure traveler, the Hotel has quick access to: George Bush Park Bike Trail (0.9 mile), Top Golf (1 mile), Memorial City Mall (7 miles), Katy Mills Mall (10 miles) and Typhoon Texas waterpark (10.4 miles). Q4 2017 marked the first quarter of falling office-space vacancy in over a year, as both direct and sublease space decreased. The upstream employment that heavily supports Energy Corridor demand has contracted sharply since 2015, and is recovering slowly, showing upside potential for the Buyer to capitalize on the opportunity to enter this market at the beginning of its recovery. The West Houston-Energy Corridor-Katy submarket has historically been one of the strongest markets in Houston, driven heavily by corporate travel in the oil/gas industry. As the oil prices recover, oil/gas companies are expected to open up budgets for corporate travel. This will lead to an increase in hotel room demand and drive room rates higher. Please note: this offering also includes an additional 0.8 acres with I-10 frontage, immediately adjacent to the Hotel for development or lease. This parcel is prime for further development into additional rooms for the Hotel, the development of a restaurant, and/or a whole host of other potential uses. Please contact the broker team for more information." " In-place NOI is well below the norm for a Hyatt House, yielding only 11.47% of GR compared to an industry standard of 32%, allowing the opportunity to lower expenses to normalized industry standards. Completion of the transfer of ownership PIP is likely to result in higher RevPAR penetration to better compete with the comp set. Investment Overview: CBRE Hotels and Ten-X are pleased to solicit offers to acquire the fee-simple interest in the Hyatt House Houston West Energy Corridor (the ""Hotel"" or ""Property"") located in the Houston Energy Corridor, which historically has been one of the strongest markets in the city. The Property consists of 116 rooms and is ideally located on Interstate 10 and State Highway 6, providing convenient access to the area's significant demand generators in the energy industry. The Hotel is offered unencumbered of management and debt. The Property is located within close proximity to the following major companies: Diamond Offshore Drilling Inc (within a few feet), Shell (1 mile), BP (1.2 mile), Wood Group (1.2 miles), Mustang Engineering (1.5 miles), Transocean Offshore (1.5 mile), Alliance WG Engineering (2.4 miles) and Conoco Phillips (2.6 miles). Fo"