- Call for Offers Date: December 11, 2020 at 5pm CST
- 84-Room, Interior Corridor, Extended Stay Hotel Built in 2011
- Hotel is a Major Competitor in the Market with 100% RevPAR Index
- Positioned on 3.05 Acres
- Half a Mile from Longview Regional Medical Center, 11 Miles from East Texas Regional Airport
- Ability for Hands-On-Owner-Operator to Decrease Expenses & Increase Net Operating Income
Marcus & Millichap's National Hospitality Group, as the exclusive representative of the seller, is pleased to present for sale to qualified investors the Hawthorn Suites Longview. The Wyndham-branded hotel is offered on a Request for Offers basis and sits on 3.05 acres 40 miles east of Tyler, Texas.
Located half a mile from Longview Regional Medical Center, the hotel is properly positioned to take advantage of business and leisure travel in the market. With a substantial amount of travel and daily commutes along East Loop 281 and Highway 259, the hotel is poised to capitalize on combined daily traffic counts exceeding 50,000 cars per day.
This four-story, 84-room extended-stay hotel presents a new investor the chance to acquire this opportunistic asset within an East Texas hub famous for festivals, dining, and the historic downtown. As a major competitor in the market with 100 percent RevPAR index, the hotel is positioned to continue to experience positive cash flow. Furthermore, a deeper look at departmental expenses will show current inefficiencies in operations with considerable upside available for a hands-on prospective buyer to see an increase in EBITDA. Additionally, extended stay hotels are the highest sought-after segment of the hospitality industry by the investor community due to their relatively better recession-proof model and resilience towards pandemic related downturns.
Current expenses include provisions for a 3 percent management fee. The hotel is offered fee simple, unencumbered by a management contract or debt.
The midscale property offers kitchenettes in select rooms with each room providing a flat-screen television, microwave, and refrigerator. The common area hotel amenities provided to guests include bus/truck/RV parking, outdoor pool, fitness center, and laundry facilities. Multiple national chain restaurants such as Copeland’s of New Orleans, Outback Steakhouse, Panera Bread, Golden Corral, and Texas Roadhouse within five minutes' driving distance from the subject hotel providing ample dining options to its guests.
Longview, Texas is located in the northeastern part of the state and is in the midst of “The Comprehensive Plan” that focuses on physical development and an overall vision as a livable and economically vibrant community with a committee task force in place for implementation. In concert with these initiatives, the city has attracted several economic incentives to the community. With Hawthorn Suites by Wyndham Longview positioned on 3211 Hotel Way, the property is near several of these demand generators. In November 2020 Nine Energy Service, Inc, a leading oilfield services company announced that it will be opening a new 348,000-square-foot cementing facility in Longview. It is expected to be fully operational by the end of November and the company’s first expansion for their cementing service line in the Haynesville Basin. Other investments in the region’s horizon included a $4.5 million investment with KeepRite Refrigeration facility that will bring additional jobs to the region.
Adding to the diverse market demand generators are the Good Shepherd Medical Center and Longview Regional Medical Center, a 230-bed facility with 180 physicians and healthcare professionals. LeTourneau University is also in the region and has over 3,125 students from 44 states from 41 countries abroad. The university hosts several scholastic events throughout the academic year and attracts visitors. In addition, the Maude Cobb Convention Center is a 40,000-square-foot facility which hosts corporate events and social gatherings year-round.