- 100-Room, Upper Midscale, Limited Service, Built 2003
- Premium Location on the Seawall at 63rd Street & Galveston with Barriers to Entry
- Heavily Vested Tourist Region and Major Cruise Line Hub for the Caribbean and Mexico
- Galveston also Serves as a Deep Water Cargo Port, One of the 5th Largest in the U.S.
- Barriers to Entry due to Limited Land Availability
Marcus & Millichap's National Hospitality Group, as an exclusive representative of the seller, is pleased to present for sale to qualified investors the Comfort Inn & Suites Beachfront Galveston. The Choice Hotels Internationally-branded property is priced at $10,700,000 or $107,000 price per room; this represents a 4.00 room revenue multiplier on the trailing 12-month revenues for July 2018. The hotel features an indoor pool, fitness center, and a business center.
Priced at an attractive 8.19 percent capitalization rate, this three-story, 100-room hotel presents an investor the opportunity to acquire an opportunistic property with substantial upside through effective cost management and modest revenue growth. The subject property completed a major $1.6M renovation in 2014.
The expenses include provisions for a three percent management fee and four percent reserves for capital replacement. The hotel is offered unencumbered by management and requires the assumption of existing CMBS debt.
An established property, constructed in 2003, is conveniently located at 6302 Seawall Boulevard and has direct access to Galveston Beach. The Comfort Inn & Suites Beachfront Galveston is highly visible off the Seawall and in close proximity to multiple leisure and business demand generators. This premium location is 45 minutes south of Houston and part of the Houston-The Woodlands-Sugar Land metropolitan area. Major businesses within the region include Halliburton (6.4 miles), Honeywell (35.5 miles), Port of Galveston (5.0 miles), The University of Texas Medical Branch at Galveston (4.6 miles), and BP Chemical Company (11.9 miles). Furthermore, leisure demand generators include the Moody Gardens (4.2 miles), Schlitterbahn (2.4 miles), Historic Pleasure Pier (17.4 miles), Kemah Boardwalk (12.2 miles) and Cruise Terminal (5.2 miles).
Comfort Inn & Suites Galveston is a 100-unit, upper midscale, limited service and beachfront hotel. This property was constructed in 2003 and is a three-story hotel with rooms offering individual balconies. Common amenities features include an indoor pool, fitness center, a spa tub, business center, laundry facilities, and sub-surface as well as surface parking. All rooms offer guests refrigerators and microwaves.