Comfort Suites South Padre Island

$7,500,000

912 Padre Boulevard, South Padre Island, TX 78597

Details

  • $7,500,000

Investment Overview:

The Comfort Suites South Padre Island is a 74 room, interior corridor, four-story hotel that was built in 2001. This asset sits on approximately 1.3051 acres of land and offers guests beach access from the hotel. With recent renovations, this hotel has a minimal estimated PIP. The Comfort Suites is currently being offered at $7,500,000, which is roughly $100,000 per room. The current June 2017 Trailing Twelve Months Net Operating Income, which includes various expense adjustments and management fee, is $674,000. The expense adjustments are mainly composed of Capital Expenditures which will not be carried over to new owner. This offering presents itself as a great opportunity for a new owner to acquire a nearly turnkey investment opportunity in a high-barrier-to-entry market with stable historic revenues. All property tours are to be coordinated with Marcus & Millichap only.

Property Overview:

The Comfort Suites is located in South Padre Island, Texas. The hotel features common area amenities such as bus/car parking, guest laundry facilities, meeting facilities, outdoor heated swimming pool, and an outdoor whirlpool/hot tub. The guest rooms include a flat screen television, refrigerator, and microwave.

Location Overview:

South Padre Island, Texas is a barrier island with 34 miles of beach, and lies between the Lower Laguna Madre and Gulf of Mexico in Cameron County. Also, the island is part of the Brownsville Harlingen metropolitan statistical area. South Padre Island is known as the number one spring break destination in the south and attracts approximately 50,000 students in March per year. The city hosts the Texas International Fishing Tournament (TIFT), SPI Bike Fest, and the South Padre International Music Festival with all attracting more than 60,000 attendees combined. Comfort Suite South Padre Island is within four miles of the South Padre Island Convention Center, and two miles of Schlitterbahn, Isla Blanca Park, Gravity Adventure Park, Port Isabel Museums, and has direct beach access to the South Padre Island beach. Furthermore, it is located 30 miles from Mexico and 20 miles from the Brownsville/South Padre Island International Airport.

Agent for this listing

Robert Arzola

Senior Associate, National Hospitality Group
Office: (210) 343-7804
Mobile: (956) 251-3282
Fax: (210) 343-7810
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Andrew Frosch

Senior Associate, National Hospitality Group
Office: (713) 452-4270
Mobile: (281) 684-5653
Fax: (713) 452-4210
Other listings

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