1.7995 ACRE PROPOSED SUGAR LAND LA QUINTA INN & SUITES DEVELOPMENT

$1,900,000

Sugar Park Lane & Hwy 90, Sugar Land, TX 77479

Details

  • $1,900,000
  • Midscale

Investment Overview:
Marcus & Millichap is proud to exclusively present, on behalf of the seller, an opportunity to develop a 91-unit, La Quinta Inn & Suites in the Houston – Sugar Land metropolitan area of Fort Bend County.  The proposed development is located along the expanding U.S. Highway 90 corridor, which serves as an alternate route for traffic coming into Houston from southwest Texas. The site is also across from the new 720-acre master-planned Imperial Market, an iconic lifestyle shopping/entertainment venue and community development.  Competitive set performance currently depicts average annual Room Revenue of $2.03M based on a RevPAR of $62.25 for TTM through 2017.

The Market:
As one of the most affluent and fastest-growing cities in Texas, Sugar Land’s population grew by over 158 percent from 2000 – 2010 and has an estimated population of over 88,000.  During this same period, it experienced a 46.24 percent job growth.  As an award-winning community, Sugar Land serves as a regional employment center with over 26 million square feet of commercial space, The area is home to high-profile corporations including Minute Maid, United Healthcare, Texas Instruments, Schlumberger, Fluor Corporation, Noble Drilling Services, and Bechtel. Also, the new Smart Financial Centre provides a world-class venue for performing arts and family entertainment and Constellation Field Stadium is home to the Sugar Land Skeeters, Houston’s minor league baseball team. Sugar Land’s highly educated workforce attracts industries as diverse as corporate headquarters, software development, biotechnology research, petrochemical research, energy, financial services and information technology. The Sugar Land Regional Airport supports corporate traffic and business coming into the area.

Agent for this listing

Lisa Hankamer

Senior Associate, National Hospitality Group
Office: (713) 452-4247
Mobile: (713) 992-3343
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Skyler Cooper

Vice President Investments, National Hospitality Group
Office: (713) 452-4275
Mobile: (540) 522-9115
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