Candlewood Suites Galveston | 808 61st St
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Candlewood Suites Galveston 808 61st St
83 Room Hotel Galveston, TX 77551 $7,400,000 ($89,157/Room) 10.45% Cap Rate
Investment Highlights
- Ideal opportunity for a new investor to benefit from a recently renovated asset with strong historical cash-flows in the growing Galveston market.
- Priced at a 10.4% cap rate based on the 2024 YE NOI of $773,000 (rounded).
- An investor can expect a new, long-term franchise agreement with IHG.
- The hotel’s rooms revenue for in 2024 equated to $1,830,000 (rounded)—a 14.1% increase compared to last year.
- Given the recent renovations, a minimal change-of-ownership PIP is expected. The seller’s PIP completion letter can be found in the deal room.
- The property is strategically located at the I-45 and 61st Street interchange; I-45 is a major thoroughfare for those traveling to Galveston Island.
Executive Summary
For more information, please visit the HVS marketing website to electronically execute the confidentiality agreement and get access to the Virtual Deal Room (VDR): https://brokerage.hvs.com/listing/?id=150899
HVS Brokerage & Advisory, as the sole and exclusive advisory firm to Ownership, is pleased to present the opportunity to acquire the 83-key Candlewood Suites Galveston, a recently renovated, extended-stay hotel asset in Galveston, Texas. A new investor will have the opportunity to realize the significant upside of acquiring a recently renovated extended-stay hotel in a historically robust leisure market.
HVS Brokerage & Advisory, as the sole and exclusive advisory firm to Ownership, is pleased to present the opportunity to acquire the 83-key Candlewood Suites Galveston, a recently renovated, extended-stay hotel asset in Galveston, Texas. A new investor will have the opportunity to realize the significant upside of acquiring a recently renovated extended-stay hotel in a historically robust leisure market.
Property Facts
| Price | $7,400,000 | Lot Size | 1.47 AC |
| Price Per Room | $89,157 | Building Size | 41,232 SF |
| Sale Type | Investment | No. Rooms | 83 |
| Cap Rate | 10.45% | No. Stories | 3 |
| Property Type | Hospitality | Year Built/Renovated | 2008/2020 |
| Property Subtype | Hotel | Parking Ratio | 2.01/1,000 SF |
| Building Class | B | Corridor | Interior |
| Price | $7,400,000 |
| Price Per Room | $89,157 |
| Sale Type | Investment |
| Cap Rate | 10.45% |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | B |
| Lot Size | 1.47 AC |
| Building Size | 41,232 SF |
| No. Rooms | 83 |
| No. Stories | 3 |
| Year Built/Renovated | 2008/2020 |
| Parking Ratio | 2.01/1,000 SF |
| Corridor | Interior |
Amenities
- Business Center
- Fitness Center
- Pool
- High Speed Internet Access
- Patio
- Meeting Event Space
- Public Access Wifi
- Fully-Equipped Kitchen
Room Mix Information
| Description | No. Rooms | Daily Rate | SF |
|---|---|---|---|
| Suite | 83 | $193.00 | - |
PROPERTY TAXES
| Parcel Number | 2207-0000-0001-000 | Improvements Assessment | $3,332,874 |
| Land Assessment | $256,650 | Total Assessment | $3,589,524 |
PROPERTY TAXES
Parcel Number
2207-0000-0001-000
Land Assessment
$256,650
Improvements Assessment
$3,332,874
Total Assessment
$3,589,524
zoning
| Zoning Code | S (Commercial (NEC)) |
| S (Commercial (NEC)) |
Contacts
-
Eric Guerrero -
James Rebullida -
Kyle Peterek -
Fadi Rawashdeh -
Innara Panjwani -
HVS
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Candlewood Suites Galveston | 808 61st St
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