6200 Padre Blvd, South Padre Island, TX 78597
Marcus & Millichap’s National Hospitality Group, as an exclusive broker, is pleased to offer for sale the Ramada South Padre Island. The hotel is a 146-room, limited service hotel offered for sale on a fee simple basis and recently has constructed several renovations with significant capital improvements. The May 2017 YTD RevPar is up nearly 6.7 percent compared to the same period in 2016, and the May 2017 monthly Star Report quoted the competitive RevPar being up 26.8 percent in comparison to the same period in 2016. Also based on the June 2017 Trailing Twelve Months Profit and Loss statement, the Ramada South Padre Island is operating with a net operating income of $970,639, including capital replacement reserves. The hotel has experienced a solid stable historical revenue performance with a steady increase in room revenues over the last few years. Furthermore, this is a unique opportunity to acquire a hotel in a high barrier to entry market in Texas, with a myriad of restrictions on new hotel construction.
The Ramada Hotel South Padre was built in 2001 and is a 146-room, two-story, exterior-corridor hotel located in South Padre Island, Texas. The hotel is the only mid-island hotel with private beach access, and has wash down stations for surfers, wind surfers, kite boards, and kayaks. The Ramada Hotel South Padre Island offers several guest amenities such as a business center, guest laundry facilities, over 400 square feet of meeting space, onsite parking, fitness center, one of the few outdoor salt water heated pools in South Padre Island, hot tub, beach showers, play area with mini tennis court, basketball court, putting green, children’s play area, picnic tables, barbecue grills, and bus/truck parking. Also, the hotel is a Wave Stop for the free bus for travel around South Padre Island and Port Isabel, Texas. Each room is equipped with mini-refrigerator, coffee/tea maker, cribs available, flat screen televisions, alarm clock radios, and hair dryers. Other select in suite features available in some rooms include kitchenettes, full kitchens and jacuzzis. Furthermore, there is a small local restaurant located inside the hotel that generates rental income.
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. Directly adjacent from the Ramada Hotel South Padre Island is a public city park. The hotel is within one mile of the South Padre Island Convention Center, and six 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
Senior Associate, National Hospitality Group
Office: (713) 452-4270
Mobile: (281) 684-5653
Fax: (713) 452-4210