Short Sale / Foreclosure – La Quinta HOTEL (Houston TX) – 4M Starting BID

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Need Address –  Sign commission protection agreement (now you can sign electronically – respond to text with full name & email)

BRING ALL OFFERS  on this fairly new La Quinta, that is an REO (Bank Asset).  List price 5.5M starting bid 4M.   Bring all offers.

The hotel is being offered at $5,500,000 or $82,090 per key. In November 2016, the La Quinta Inn was acquired by the existing lender through foreclosure. Unfortunately, for this reason, historical financial statements for the La Quinta Inn & Suites Tomball are unavailable. The existing underwriting includes actual financials from November 2016 through July 2017 with projections based on industry standard expenses and revenues for similar properties in similar markets. At list price, the La Quinta Inn & Suites Tomball is being offered at 3.55 times the anticipated 2017 year-end room revenue. The CAP rate based off the $5,500,000 list price is 10.67 percent and offers a year-one cash-on-cash return of 30.22 percent.

The existing Property Improvement Plan is estimated to cost a new investor less than $500,000. The Property Improvement Plan along with lender completed items are available by request from agent. Property Overview: The La Quinta Inn is a 67-room, interior corridor hotel, located in Tomball, Texas. The hotel was constructed in 2003 and includes common area amenities such as a year-round outdoor pool and spa, fitness center, barbecue grills, guest laundry facilities, and meeting facilities. The guest rooms also feature a 37 flat screen television, a work desk, microwave, and refrigerators. Additionally, select rooms have pull-out sofas as well.

For Sale

Price $5,500,000
Price/Room $82,089
Cap Rate 10.67% PROFORMA
NOI $586,850
Sale Type Investment
Status Active
On Market 1 Mo 4 Days
Last Updated Dec 1, 2017
Update
ConditionsBusiness Value Included, Deferred Maintenance

Building

Type 4 Star Hotel
Brand Sofitel
Company Accor North America
Rooms 67
Stories 3
GBA 33,963 SF
Typical Floor 11,973 SF
Year Built 2003
Construction Masonry
Parking76 free Surface Spaces are available; 1.1 per Room
Taxes$1,914.12/Room (2016)
Walk Score®Somewhat Walkable (52)
Transit Score®Minimal Transit (0)

Land

Land Acres1.83 AC
Bldg FAR0.43
Land SF79,715 SF

Amenities

  • Breakfast/Coffee Concierge
  • Business Center
  • Community-Wide WiFi
  • Fitness Center
  • Flat Screen TVs
  • Free Local Calls
  • Laundry Facilities
  • Microwave
  • Pool
2016 Assessment
Improvements
Land
Total Value
 $4,488,525
 $600,795
$5,089,320
 $66,993/Room
 $8,967/Room
$75,960/Room

Demographics

1 Mi 3 Mi
Population
3,193
20,578
Households
1,377
7,688
Average Age
39.30
37.60
Median HH Income
$42,131
$59,880
Daytime Employees
9,681
17,569
Population Growth ’17-’22
8.8%
10.3%
Household Growth ’17-’22
8.3%
10.1%

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