TRANSACTION TIMELINE:
October 24, 2018 – Indicative Bid Form due (see due diligence vault)
October 26, 2018 – Finalists selected
November 5, 2018 – Bidder Participation deposit ($50K VIA WIRE ONLY) due to escrow
November 8, 2018 – Best and final event
Closing period: TBD
Click here to view in a 3D virtual walkthrough format
Towneplace Suites by Marriott, located at 4412 Tanglewood Lane, consists of 108 rooms and is offered unencumbered of management and debt. The property is situated in the Odessa/Midland market of the Permian Basin, which is the number one oil and gas producing area in the United States. Major oil trading houses are predicting the return of $100 crude for the first time since 2014 as OPEC and its allies struggle to compensate for U.S. sanctions on Iran’s exports.*
The hotel is located within close proximity to the following demand generators: Music City Mall, University of Texas Permian Basin, Odessa College, Odessa Medical Center, Weatherford International, Halliburton, and Midland International Air and Space Port. Fueled by economic growth, the Midland-Odessa combined MSA continues its rapid expansion. Nearby Parks Bell Ranch (PBR) Business Park is currently developing 500,000 SF of commercial space.
*Source: By Bloomberg, Published 8:21 pm CDT, Monday, September 24, 2018
