Candlewood Suites Pearland

$7,800,000

9015 Broadway St, Pearland, TX 77584

Details

  • $7,800,000
  • Midscale

Investment Overview:

The Candlewood Suites Pearland is offered for sale at $7.8 million which is 3.81 times the hotels 2016 room revenue. The Net Operating Income for the Candlewood Suites Pearland in 2016 was $715,764, which at list price, offers a capitalization rate of 9.18 percent. Year-to-date, the hotel’s RevPAR index penetration is currently at a market leading 114.5 percent. Upon transfer, a new owner will be expected to complete IHG’s latest design scheme which is expected to cost approximately $10,000 per key.

As Houston’s economy continues to recover from the oil and gas downturn, the healthcare job market in Greater Houston, especially Pearland, has proven to be resilient as the area population and demand for services continue to rise. Pearland, Texas is the fastest growing submarket of Houston, recently surpassing Sugar Land, Texas. The city of 130,000 is seeing increased activity and interest from healthcare providers and the life sciences industry. Major Houston institutions such as St. Luke’s Episcopal Health System, Memorial Hermann Healthcare System and HCA Gulf Coast Division all own large tracts of land with multiple projects currently underway that are within a consolidated area in Pearland, just minutes south of the Texas Medical Center and the Candlewood Suites Pearland.

Property Overview:

The Candlewood Suites Pearland is an 76-room, interior-corridor, extended stay hotel located in Pearland, Texas (Houston MSA). The property is a well-maintained hotel built in 2010. It is constructed of a wood frame, stucco exterior and flat TPO roof. The Candlewood Suites Pearland offers amenities such as a business center, exercise facility, Candlewood Cupboard Market, outdoor gazebo with grill and laundry facilities. Each room is a spacious studio or suite with a flat screen TV, work desk and full kitchen including all full-sized appliances, cookware, dishes and dishwasher to properly accommodate the extended stay guest.

Location Overview:

Pearland, Texas is a city within the Houston/The Woodlands/Sugar Land metropolitan area. As the fastest growing city in the Houston region, Pearland offers millions of square feet of retail, office, and residential construction completed within the past 10 years. Within twenty minutes from Downtown Houston, the city is on its way to becoming the next major employment center in the Houston region. The Candlewood Suites Pearland is in close proximity to major area businesses like Weatherford International, Turbo Care and Aggreko, Baker Hughes, Champion Technologies, Zurich Financial, Burlington Northern and Schlumberger.

Agent for this listing

Skyler Cooper

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

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