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Holiday Inn Express & Suites Lubbock Central

August 8, 2023
in News
Holiday Inn Express & Suites Lubbock Central
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Holiday Inn Express & Suites Houston East Baytown - Aerial view
  Holiday Inn Express & Suites Lubbock Central – University Area Hotel in Lubbock, TX for Sale

HVS;

HVS Brokerage & Advisory, as the sole and exclusive advisory firm to ownership, presents the opportunity to acquire the 107-key Holiday Inn Express & Suites Lubbock Central University Area, a limited-service hotel asset in Lubbock, Texas. 

This opportunity presents an investor with an excellent opportunity to acquire a strong-performing hotel asset in a city that is anchored by a major university. The property is located less than a mile from Texas Tech University (TTU), which comprises eleven colleges and has a student population over 40,000. By 2025, the University anticipates that enrollment will surpass 45,000 students.

Operational Upside Potential for a Robust Operator

Great upside exists for a more “hands-on” operator to restructure the hotel’s operations to maximize RevPAR penetration and NOI flow-through.

Based on a selection of similar vintage Holiday Inn Express & Suites operating statements, the hotel should achieve a stabilized GOP margin between 44.0% and 50.0%. We see multiple opportunities for improvement that could lead to a collective decrease in rooms expense, specifically in the payroll department.

Per the June 2023 STR Trend Report, the hotel ranked third out of five competitors in terms of RevPAR, registering a 93.3% RevPAR index. A more prudent and “hands-on” operator should be able to recapture demand from corporate travelers and transition the hotel into becoming the market leader.

Robust Historical Performance and Market Rebound

Not including the hotel’s 2020 performance, rooms revenue has averaged approximately $2,960,000 (rounded) since 2019.

Rooms revenue for the TTM period ending in July 2023 equated to $3,110,000 (rounded)—the highest performance since 2019.

Rooms revenue for the YTD June 2023 period increased by 16.6%, compared to the same period last year.

Per the June 2023 STR Report, YTD demand for the competitive set has increased 8.3%, compared to the same period last year.

Well-Maintained, High-Quality Physical Product with Minimal PIP Expected

The hotel opened in 2018, and ownership has maintained the physical asset well; thus, a minimal change-of-ownership PIP is expected.

To construct a similar asset with comparable amenities in a high-barriers-to-entry location, the estimated all-in investment would be a minimum of $150,000 per key.

Holiday Inn Express & Suites Franchise

Upon approval from the franchisor and completion of the brand-mandated change-of-ownership PIP, an investor can expect a new, long-term license agreement with InterContinental Hotels Group (IHG). This presents a new owner with the opportunity to operate a hotel with one of IHG’s most prominent limited-service products. The brand’s success is largely attributed to IHG’s award-winning advertising campaigns and consumer awareness.

The award-winning IHG® Rewards Club loyalty program is one of the largest in the hotel industry, offering members more choices to redeem their points than any other hotel loyalty program in the world. Serving over 100 million enrolled members worldwide, IHG Rewards Club is an effective tool for driving customers to IHG hotels and creating brand loyalty.

Excellent Location by Texas Tech University

The property benefits from excellent visibility and accessibility off the frontage road along Marsha Sharp Freeway/U.S. Highway 82, proximity to numerous dining, retail, and entertainment options is a positive attribute for both business and transient guests year-round.

The Lubbock economy is anchored by TTU, which occupies nearly 1,900 acres and has an annual operating budget nearing $2 billion annually.

TTU recently announced a $200-million investment to upgrade and expand the 60,000-seat Jones AT&T Football Stadium, home to the school’s Red Raiders. The football team has a strong 2023 schedule, with six home games, four of which are Big 12 matchups and are expected to draw large crowds.

Expanding Local Economy

The city of Lubbock was experiencing a period of strong economic growth prior to the onset of COVID-19, led by the healthcare and education sectors, as well as the manufacturing, technology, and agriculture industries. While the pandemic slowed this growth, the economy has showed strong signs of recovery and has recently returned to a state of expansion.

In May 2023, X-FAB Texas, a global leader in the manufacturing of semiconductor solutions, announced a $200-million expansion of its manufacturing plant in Lubbock. Once completed, the project will create an additional 250 jobs.

In 2021, the Lubbock Economic Development Alliance (LEDA) announced a major investment from Leprino Foods (a major dairy/cheese manufacturer). Leprino Foods will invest $870 million to build a state-of-the-art manufacturing plant located on 258 acres in East Lubbock. The company will break ground on the 850,000-square-foot manufacturing facility in the summer of 2022. Once the facility becomes fully operational in the spring of 2025, this investment will result in $10.6 billion over the next ten years. Leprino Foods will hire 600 full-time positions to staff the facility. This represents one of the largest, single, private capital investments in the region, and the twelfth-largest private capital investment project in Texas since the establishment of the Texas Enterprise Fund in 2003.

Management Availability

The hotel asset is being offered free and clear of any management encumbrances, providing an investor with the flexibility to revamp the operational strategies of the current operator.

For inquiries please visit here to execute the Confidentiality Agreement.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : HotelNewsResource – https://www.hotelnewsresource.com/article127585.html

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