Wingate by Wyndham Sulphur

$6,650,000

300 Arena Rd, Sulphur, LA 70665

Details

  • $6,650,000

Investment Overview:

Marcus & Millichap is pleased to present Wingate by Wyndham located in Sulphur, Louisiana. This property is located approximately 30 miles from the Louisiana-Texas border and 10 miles from Lake Charles, Louisiana along the Interstate 10 corridor. Also, it is equally 2 hours from Baton Rouge and Houston, the respective capitals of both Louisiana and Texas.

Built in 1999, this four-story, 81 room, interior corridor hotel features aluminum and block framing with an impressive two-story lobby. With over 170 properties in North America, Wingate by Wyndham offers each traveler amenities and services that cater to business travelers. As a result, guests will experience oversized rooms appointed with all the comforts and convenience of home and office.

The Wingate of Sulphur is attractively priced to sell at 3.6 times room revenue multiplier and a replacement price of  $81,098 per key. The hotel has a trailing 12-month occupancy of 67.74 percent and an ADR of $91.05 thus producing an annual room revenue for 2017 of $1,846,097.

The property is offered unencumbered by any third management agreement and fully completed PIP.

It was announced recently, January 18th, 2018, that Wyndham Worldwide would purchase La Quinta for nearly $2B. The acquisition of the 900+ location hotel chain will ultimately bring the Wyndham Portfolio to 9000 hotels, worldwide.

The addition of La Quinta will build upon Wyndham Hotel Groups strong midscale presence and expand its reach further into the fast-growing upper midscale segment, such as Wingate.

According to Wyndham Worldwide President and CEO, Geoff Balloti, La Quinta has “deliver(ed) some of the highest customer engagement levels in our industry.” Ultimately, the addition of La Quinta should help the Wingate brand capture additional market share because of La Quinta’s strong midscale presence.

 

Market Overview:

The City of Sulphur is named after the chemical and mining industry which has helped establish Calcasieu Parish (County) since the late 1800s. Currently, Sulphur is the 13th largest city in Louisiana, with a population of 22,000 people.

Today, Sulphur has been known to host world-class sporting events, such as the Dixie Boys Super World Series (youth baseball) and United States Specialty Soccer Sport Association (USSSA). In fact, the Sulphur Park and Recreations department has annually hosted over 100,000 sporting, recreation, and cultural event attendees. These calculations include area festivals, such as the Sulphur Heritage Festival (May), Cal Cam Festival (October) and the Kiwanis Christmas Balloon Parade, the only balloon parade in the state, all of which attract visitors from across the country.

Sasol, a South African integrated energy and chemical company, is near completion of its ethane cracker and derivatives project. Set to be completed in February of 2018, the plant will be the largest manufacturing investment in Louisiana history, $11B. The chemical plant will make ethylene, which is the main ingredient for detergents, synthetic fibers, fragrances, and film. In addition, the most important feature of ethylene is that it is also the building block for the petrochemical industry. The 650-acre site which will include six (6) chemical manufacturing plants is only eight (8) miles from the Wingate in Sulphur.

McNeese State University, located in Lake Charles, only twelve (12) miles from the hotel has consistently seen their freshman enrollment increase. The US News and World Report has named McNeese one of the best regional universities in the South for seven (7) consecutive years.

Also,  the new Health and Human Performance Education Complex, to be completed June 2018, will house the growing academic programs in health and wellness, health performance and sports medicine. Furthermore, it is expected that the lab settings will provide internship opportunities for students in the health and human performance fields.

WestCal Arena and Events Center is a multi-faceted facility that accommodates a wide range of activities that range from gala and weddings to training and business functions. Located directly behind the hotel, the 135,000 sq ft covered arena will offer the Wingate of Sulphur additional demand generators throughout the year, for the foreseeable future.

 

Agent for this listing

Manish Sthanki

Associate, National Hospitality Group
Office: (225) 753-4881
Mobile: (225) 892-4181
Fax: (225) 376-6710
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