1030 East Palestine Avenue, Palestine, Texas 75801
The Holiday Inn Express & Suites is being offered at 3.43 times the May 2017 trailing twelve months revenue. At a list price of $3.8 million, or $61,290 per key, the hotel is being offered significantly below replacement cost. The hotel was completely renovated in 2015 and is expected to have a minor Property Improvement Plan at transfer for the new owner. Currently, the hotel has an Net Operating Income of $368,614 which is a 9.70 percent capitalization rate at the current list price. The hotel, along with the Palestine market, is up 17 percent in RevPAR year-over-year and continues to show growth as the year progresses.
The Holiday Inn Express & Suites is a 62-room, interior corridor, limited service, mid-scale hotel located in Palestine, Texas. Built in 1999, this three-story hotel is a wood frame structure with stone and EIFS/stucco exterior facade. The hotel features a unique and modern lobby unlike any other Holiday Inn Express & Suites in the IHG system. The hotel has won multiple Torchbearer Awards and Quality Excellence Awards over the past few years. Adjacent to the hotel is a four bedroom two and 1/2 bathroom home with a one car garage that can be acquired with the purchase of the hotel for an additional amount.
Palestine, Texas, has recently been recognized by Texas Highways Magazine as one of the top locations for travel and visitors. There are a myriad of nearby attractions like the Texas State Railroad, Davey Dogwood Park, and the Downtown Historic District. Annual events in Palestine include the Annual Peanut Festival, Canoe Races, Dogwood Trails Festival, Palestine Community Theatre events, Rodeos, and the Dulcimer Festival. Major employers in Palestine include Palestine Regional Medical Center and Palestine Regional Rehabilitation Hospital, Walmart, and the Texas Department of Criminal Justice Correctional Facilities. Sanderson Farms, Inc.’s major expansion initiative is also creating approximately 1,350 new jobs and $265 million in capital investment.
Agent for this listing
Vice President Investments, National Hospitality Group
Office: (713) 452-4275
Mobile: (540) 522-9115