15707 Oak Grove Blvd
Austin, TX 78734
Holiday Inn Express & Suites Austin NW - Lake · Hospitality Property For Sale · 40,836 SF

78 ROOM SELECT SERVICE HOTEL LOCATED IN THE HIGH END DEMOGRAPHIC AREA OF LAKEWAY NEAR BEAUTIFUL LAKE TRAVIS, ON N. RR 620 IN THE AUSTIN METRO AREA. THE HOTEL IS FIVE YEARS OLD, AND APPEARS IN GOOD WELL KEPT CONDITION. FORMULA BLUE BUYER PIP INSPECTED IN MAY 2018. NO CASEGOODS OR MAJOR BATHROOM WORK, NO EXTERIOR WORK. TYPICAL AMENITIES FOR THIS BRAND. GOOD CUSTOMER REVIEWS AND TRIP ADVISOR SCORE. VALUABLE 1.22 ACRE CORNER COMMERCIAL PAD SITE NEXT DOOR IS ALSO FOR SALE AT AN ASKING PRICE OF $1.2 M. PROPERTY HAS PERFORMED WELL IN THE PAST, BUT THE HOTEL EXPERIENCED MANAGEMENT ISSUES (3 MANAGERS IN 3 YEARS), MARKETING AND STAFF TURNOVER IN 2016 & 2017 WHICH AFFECTED REVENUE FROM PREVIOUS YEARS. CORRECTIVE STEPS STARTED IN MARCH 2018, AND THE REVENUE HAS GREATLY IMPROVED RISING OVER $100K VS. 2017. THE HOTEL WOULD BENEFIT FROM BETTER MANAGEMENT AND MARKETING TO INCREASE REVENUE TO PREVIOUS REVENUE LEVELS OF $2.4-2.5 M. EXCELLENT FRANCHISE. UPSIDE POTENTIAL WITH EXPERIENCED HANDS ON PROFESSIONAL OPERATOR AND BETTER MARKETING AND SALES EFFORTS. MULTI MILLION DOLLAR HOMES LOCATED NEXT DOOR. A NEW 314 UNIT LUXURY APARTMENT COMPLEX RECENTLY OPENED 1 BLOCK NORTH. ANOTHER NEW 187 UNIT APARTMENT COMPLEX ANNOUNCED DEC. 2018 ACROSS FROM THE 314 UNIT COMPLEXT. A NEW TRAFFIC SIGNAL RECENTLY INSTALLED ON CORNER. RISING POPULATION GROWTH. HUGE TRAFFIC INCREASES ON RR 620 TO OVER 40,000 VEHICLES PER DAY & RISING. AUSTIN TEXAS IS A MAJOR BOOMING ECONOMY WITH HUGE COMPANY RELOCATIONS AND JOB CREATION. APPLE ANNOUNCED IN DEC. TO LOCATE A 2ND HUGE CAMPUS TO AUSTIN. AUSTIN HOTEL MARKET IS BOOMING AND HAS THE HIGHEST OCCUPANCY, ADR, & REVPAR OF ALL MAJOR MARKETS IN TEXAS. HOTEL IS PRICED AT 3.7X GRR & WAY BELOW REPLACEMENT COST AND WELL BELOW OTHER SOLD PRICES OF SIMILAR HOTELS NEARBY. THE INFORMATION CONTAINED HEREIN AND IN ANY SUPPLEMENTAL INFORMATION IS DEEMED RELIABLE BUT IS NOT GUARANTEED BY BROKER OR OWNER. BUYERS AND USERS OF THIS INFORMATION SHOULD CONDUCT THEIR OWN DUE DILIGENCE INSPECTION OF THE PROPERTY TO DETERMINE IF THE PROPERTY IS SUITABLE FOR BUYER'S OR OTHERS USE. BROKER REPRESENTS THE SELLER IN THIS TRANSACTION. DO NOT CONTACT THE HOTEL OR EMPLOYEES. CALL BROKER FOR INSPECTION. 512-423-4421; SELLER WILL CONSIDER REASONABLE OFFERS. UNDER REPLACEMENT COST.