Holiday Inn Express & Suites Pampa

$2,800,000

3119 Perryton Pkwy, Pampa, TX 79065

Details

  • $2,800,000
  • Midscale

Investment Overview:

Marcus & Millichap’s National Hospitality Group, as an exclusive broker, is pleased to offer for sale the Holiday Inn & Suites Pampa. The property is a 69-room, interior corridor, three-story hotel located in Pampa, Texas, approximately one hour northeast of Amarillo, Texas, directly off of Highway 70.

The Holiday Inn Express Pampa is being offered at 2.90 times the July 2017 trailing twelve months revenue. Offered at a list price of $2.8M, or $40,580 per key, the hotel is being offered significantly below replacement cost. Current ownership purchased the asset in 2010. The hotel experienced extensive renovations in 2013. New ownership will be required to complete Formula Blue PIP as mandated by IHG. PIP cost estimation ranges from $950K-$1.50M.

Recent Capital Improvements:
• New Carpet: Fitness Room, Elevator, Breakfast Area
• New Gym Equipment
• LED Lights Inside/Outside
• Wireless Network Upgrade
• New Pillows
• Swimming Pool Area Painted and Floor Refinished

Property Overview:

The Holiday Inn Express & Suites is a 69-room, interior corridor, limited service, mid-scale hotel located in Pampa, Texas. Built in 2006, this three-story hotel has a wood frame structure with stone and EIFS/stucco exterior facade. The hotel features modern finishes throughout. Public spaces, including the lobby, breakfast area, and fitness center, were recently renovated in 2013. Room amenities include a 32-inch flat screen television, microwave, refrigerator, and an activity table/work desk.

Location Overview:

Pampa, Texas is a city positioned in the panhandle, less than one hour northeast of Amarillo, Texas. The Holiday Inn Express & Suites Pampa is located directly next to the Pampa Regional Medical Center and Hospital. Located just off Highway 70, the property is convenient to local attractions such as the Gray County Fairgrounds, the White Deer Land Museum and Hidden Hills Public Golf Course. Nearby companies include National Oilwell Varco, Halliburton, Celanese Chemicals Division, and the Cabot Corporation. The city of Pampa has a diverse industrial base. The industries in the area include oil and gas production, various petroleum-based industries, cattle, and grain production. There are specialized chemical and carbon black plants as well as a carbon black research and development facility. The location offers a good mix of both corporate & transient business. Pampa is located near a federal prison and there is additional demand from nearby wind farms, youth league sports, and agricultural related business.

Agent for this listing

Allan Miller

First Vice President Investments | Senior Director, National Hospitality Group
Office: (512) 338-7831
Mobile: (512) 203-9154
Fax: (512) 338-7810
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Steve Swenholt

Senior Associate, National Hospitality Group
Office: (512) 338-7826
Mobile: (972) 824-5483
Fax: (512) 338-7810
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