- 78-Room, Interior Corridor, Upper Midscale Hotel Built in 2019
- Located Five Miles from Lakeline Mall
- Opportunity to Purchase New Construction Comfort Suites
- Hotel Within Austin MSA
Marcus & Millichap’s National Hospitality Group, as an exclusive representative of the seller, is pleased to present for sale to qualified investors the Comfort Suites Cedar Park. The Choice-branded hotel is priced on a Call for Offers basis. A newly built property, set to finish construction in 2019, is located along the East Whitestone Boulevard, 20 miles northwest of Austin, Texas.
This four-story, 78-room hotel presents a new owner the opportunity to acquire a newly built hospitality asset within the Austin MSA. Austin, ranked one of the fastest-growing cities in the nation, gives this hotel development additional revenue potential through increased demand. Operationally, the hotel is expected to achieve $2.33 million in room revenue, resulting in a net operating income of approximately 34.2 percent of total revenue; this translates to nearly $800 thousand before debt service.
The expenses include provisions for a 3 percent management fee and 4 percent reserve for capital replacement. The hotel is offered fee simple, unencumbered by a management contract and debt.
The Comfort Suites Cedar Park - Austin is a 78-room, four-story, upper-midscale hotel built in 2019. Well-equipped with numerous common area and guest room amenities, this limited-service hotel offers spacious guest rooms that come furnished with a microwave, refrigerator, work desk, lounge chair or couch, and 32-inch flat-screen television with premium channels. Additionally, some splendid common area amenities the hotel has to offer consist of an indoor pool, business center, fitness center, vending area, hotel laundry, complimentary breakfast, community-wide WiFi, and a meeting room.
Cedar Park, Texas is part of the Austin MSA which is the state capital and located in Williamson County in the southeastern region of the state, 104 miles northeast of San Antonio, 182 miles west of Houston, and 172 miles south of Dallas/ Fort Worth. The Comfort Suites Cedar Park – Austin is located along the east side of Arrow Point Drive just south of E. Whitestone Blvd. In September of 2018 Austin-Bergstrom International Airport (28.3 miles) revealed a 20-year master plan and current concourse, gate expansions. The phase one is expected to take place in the next three years which includes the garage being torn down and replaced with a new main entrance. When all is complete there will be 34 gates when the expansion is completed in 2019 and the next phase will have an additional 32 gates. Last year 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. It was reported in the Austin Statesman that an online educational platform, Aceable (21.6 miles), raised $47 million for their expansion which was the largest funding round to date led by Connecticut-headquartered Sageview Capital and one of Austin’s largest venture capital deals of the year. WP Engine (21.8), an Austin based technology company which provides hosting for WordPress-built websites, announced at the beginning of the year they raised $250 million to generate its growth as well. 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 12.6 and 13.3 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, with Voltabox, Fallbrook Technologies, and Corvalent all also relocating facilities into the Cedar Park area.