14000 Medical Complex Dr, Tomball, TX 77377
Marcus & Millichap’s National Hospitality Group, as an exclusive broker, is pleased to offer for sale the La Quinta Inn & Suites in Tomball (Houston MSA), Texas. The hotel is being offered at $5,500,000 or $82,090 per key. In November 2016, the La Quinta Inn & Suites Tomball was acquired by the existing lender through foreclosure.
Unfortunately, for this reason, historical financial statements for the La Quinta Inn & Suites Tomball are unavailable. The existing underwriting includes actual financials from November 2016 through July 2017 with projections based on industry standard expenses and revenues for similar properties in similar markets.
At list price, the La Quinta Inn & Suites Tomball is being offered at 3.55 times the anticipated 2017 year-end room revenue. The CAP rate based off the $5,500,000 list price is 10.67 percent and offers a year-one cash-on-cash return of 30.22 percent. The existing Property Improvement Plan is estimated to cost a new investor less than $500,000. The Property Improvement Plan along with lender completed items are available by request from agent.
The La Quinta Inn & Suites Tomball is a 67-room, interior corridor hotel, located in Tomball, Texas. The hotel was constructed in 2003, and includes common area amenities such as a year-round outdoor pool and spa, fitness center, barbecue grills, guest laundry facilities, and meeting facilities. The guest rooms also feature a 37″ flat screen television, a work desk, microwave, and refrigerators. Additionally, select rooms have pull out sofas as well.
Tomball, Texas is part of the Houston metropolitan area and seated in Harris county. Houston is the fourth most populous city in the United States, and the largest city in the southern UnitedStates. Less than one mile from the La Quinta Inn & Suites is the Tomball Regional Medical Center which attracts room demand for patients receiving care and family members visiting. Local attractions include the Bear Creek Golf World, Champions Golf Course, SplashTown Water Park and Oil Ranch. Downtown Houston is 33 miles from the hotel which is home to the professional basketball team, the Houston Rockets, and the professional baseball team, the Houston Astros. Furthermore, the George Bush Intercontinental Airport is 29 miles from the La Quinta Inn & Suites Tomball.
Agent for this listing
Vice President Investments, National Hospitality Group
Office: (713) 452-4275
Mobile: (540) 522-9115