- 56-Room, Midscale Hotel, Located in Highly Desirable Northwest Austin MSA
- Room Revenues up by 20 Percent for the Trailing Twelve Months Ending May 2021 Compared to Year-End 2020
- Cedar Park is the 7th fastest-growing large city in the U.S.
- Construction for the 360,000 Square Foot Texas Children’s Hospital (5.7 Miles) and Dell’s Children Medical Center North Campus (3.7 Miles) is set for Spring 2021
Investment Overview:
As the exclusive representative of the seller, Marcus & Millichap's National Hospitality Division is pleased to present for sale to qualified investors the Quality Inn Cedar Park. The Choice Hotels International-branded Hotel is offered on a call for offers basis.
This two-story, 56-room Hotel sits on 1.53 acres within the Austin – Round Rock – San Marcos metropolitan statistical area, Texas’ fourth largest MSA. The Property is located, with great visibility, off Whitestone Boulevard, which records over 43,800 daily travelers. The prime location offers access to many key demand drivers in the area such as multiple Austin Community College Campuses with the closest being 4.2 miles – total enrollment for all campuses over 60,100 students, H-E-B Cedar Park Center (1.6 Miles) – home of the Texas Stars and the Austin Spurs, Cedar Park Regional Medical Center (1.4 miles), the new Q2 Stadium (13.5 Miles) – Austin Football Club’s stadium, and Lake Travis (15.6 miles).
In 2018 and 2019, the Property achieved an average RevPAR of over $53.5 and revenues above one million dollars, coupled with a strong average net operating income of$295 thousand. Currently, room revenues have increased approximately 20 percent compared to year-end 2020, which translates to about $815,800.
Current expenses include provisions for a 4 percent capital replacement reserve. The hotel is offered fee simple, unencumbered by a management contract or debt.
Property Overview:
The Quality Inn Cedar Park – Austin is a 56-room, two-story property that was built in 1998. The Choice Hotels International, Inc.- branded property features a two-person sofa bed, ergonomic chair with desk, sitting area, refrigerator, microwave, and flat-screen television. Select suites include a fully equipped kitchen for hotel guests. A seasonal outdoor pool, fitness center, business center, bus parking, lobby, breakfast area, vending machines, and an ice maker are featured in the common areas.
Location Overview:
Cedar Park, Texas is part of the Austin MSA, which is the state capital, and located in Williamson County in the southcentral region of the state, 104 miles northeast of San Antonio, 182 miles west of Houston, and 172 miles south of Dallas-Fort Worth. The Quality Inn Cedar Park – Austin is located along 300 East Whitestone Boulevard and near many diverse market drivers in the region. In February of 2021 there will be two children’s hospitals built in Northwest Austin and Williamson County set to begin construction in 2021 for the Dell Children’s Medical Center North Campus and the Texas Children’s Hospital, both within a four-mile radius of the hotel. Services are expected to start in 2022 and 2024 respectively offering pediatric health services and trauma care. In the last couple of years, the Austin-Bergstrom International Airport (27.8 miles) revealed a 20-year master plan and current concourse, gate expansions. In previous years the airport supported more than 13 million travelers and exponential growth is expected to continue. Other expansions are planned in the technology industry and have recently received financial support. With the city’s major employers and popular revenue generators in close proximity to the property, this sought-after hotel benefits from many other key industries of the town which include professional scientific tech services, retail trade, and educational services. Dell Technologies Inc and IBM, two of the city’s largest employers located approximately 13.7 miles and 12.1 miles from the hotel, respectively, are prime revenue drivers for the surrounding area. Furthermore, Firefly Aerospace moved into 30,000 square feet of space in La Jaita Business Park (2.7 miles), with Voltabox, Fallbrook Technologies, and Corvalent all also relocating facilities into the Cedar Park area. Local attractions for leisure travelers and sporting spectators include the University of Texas at Austin (19.7 miles), Dell Diamond Baseball Stadium (17.7 miles), Cimarron Hills Golf & Country Club (15.2 miles), and the HEB Center at Cedar Park (2.4 miles) indoor arena and concert venue. Combined these popular venues attract thousands of visitors year-round.
