| PRICE : | $9,100,000 |
|---|---|
| PROPERTY TYPE: | Hospitality |
| BUILDING SIZE: | 37,211 SF |
| YEAR BUILT: | 2021 |
Highlights
- • 95-key hotel in Portland, TX with easy access to sandy beaches and two bays on the Coastal Bend
- • Offered at $95,790 per room, which is a $35,450 discount per room from the 2022 average U.S. Avid sale price of $130,240
- • Newly built with opening in 2021
- • The two hotels built in Portland, TX after 2020 have an average trailing 12 month RevPAR of $79 as of November 2022
- • Upside potential for new management
- • Close proximity to well diversified business and leisure demand generators
- • Broker of Record: Brian Brockman (Bang Realty – Texas, Inc) | TX License # 701472
Description
Bull Realty is pleased to offer the opportunity to acquire a fee-simple interest in the newly built, 95-key Avid Hotel near Corpus Christi, TX. The property is located off US-181 near a diverse set of demand generators, including Kiewit Offshore Services, Valero Bill Greehey Oil Refinery, North Beach, Texas State Aquarium and the USS Lexington. This property has been slow to ramp up to the levels of its competitive set and presents new ownership with an excellent value-add opportunity to close this gap.
With over $50B in new business investment between 2009 and 2019, the area is extremely business friendly and is well positioned to both attract new business and retain existing businesses. The area’s focus on environmental sustainability will allow the region to remain a strong target for leisure travelers for generations to come. Together these create a strong, stable long term hotel demand base. Coupled with the hotel’s underperformance relative to its competitive set, there is both the opportunity for short term and long term RevPAR growth. Excluding the subject property, four midscale and above hotels have been built in Portland since 2017, with an average trailing 12 month RevPAR of $78 as of November 2022 The property is in a strategic location near many of the area’s businesses and attractions. Many attractions such as Hurricane Alley Water Park, Texas State Aquarium, USS Lexington and Navel Air Station, provide significant demand for rooms less than 15 miles from the property. Corpus Christi is located roughly 11 miles from the Avid, making the hotel an attractive option for travelers.
Numerous city and business expansion projects will help fuel hotel demand growth. Cheneire’s CCL expansion and the Harbor Bridge Project are two examples of development that, as completed, would provide stable growth for the region’s economy. The new bridge will be the tallest point in South Texas and the longest cable-stayed bridge in the U.S. Nearby businesses in the medical industry include Christus Spohn Hospital, which is soon to begin renovation and expansion, and Driscoll Children’s Hospital, both of which generate room nights for the Avid. Another demand generator, Texas A&M - Corpus Christi is a public research university hosting over 10,000 students and nearly 700 academic staff on it’s 396-acre campus. Lastly, industrial manufacturing comprises a significant portion of the local economy with companies like Chemours, Cheneire, and Gulf Coast Growth Ventures all located near the property generating hundreds of room nights. IHG’s Brand Affiliation provides one of the strongest travel loyalty programs, Priority Club.
