- 111-Room, Select-Service, Upscale Hotel Built in 2007
- Located 1.5 Miles from the El Paso International Airport
- Well Positioned with Excellent Visibility from Interstate 10
- Consistent Year-Over-Year Revenue Growth Totaling 30 Percent Since 2015
- Impressive IHG Property with Lucrative Revenues and NOI in the Heart of El Paso
- Projected to Outperform the Market in 2019
Marcus & Millichap’s National Hospitality Group, as an exclusive representative of the seller, is pleased to present the Holiday Inn El Paso Airport. The IHG-branded select-service hotel is being sold on a request for offers basis. The established property, constructed in 2007, is located along the Interstate 10 corridor with great visibility for transient clients off the freeway and is just a short 1.5 miles drive away from the El Paso International Airport. It is located only 3.5 miles from the 1.12 million-acre Fort Bliss Army Base.
This four-story, 111-room hotel presents a new investor the opportunity to acquire a well-maintained hospitality asset with stabilized in-place cash flow. Renovated in 2014/2015 the hotel is well-equipped with an outdoor pool, restaurant and bar lounge, and rentable meeting rooms.
Operationally, the property is generating approximately $3.7 million in top-line revenue, resulting in a net operating income of approximately 31.4 percent of overall revenues which equates to roughly $1.15 million before debt service. The subject property’s RevPAR is meeting the market at 99 percent penetration index which indicates upside potential for a new owner.
The expenses include provisions for a 3 percent management fee and 4 percent reserves for capital replacement. The hotel is offered fee simple, unencumbered by management and debt.
The Holiday Inn El Paso Airport is a 111-room, four-story, upscale, select-service hotel. This InterContinental Hotels Group branded asset offers diverse room options for business travelers, vacationers, students, military members and government employees. All rooms include flat-screen televisions, microwave, refrigerator, and work desk with lamp, and suites include in-room kitchenettes, living and dining room areas, and sofa bed. The common area amenities include an outdoor heated pool, cocktail lounge, business center, fitness center, and on-site laundry facilities.
El Paso, Texas is a diverse demand generator market with multiple industries. El Paso is located in West Texas along the Rio Grande along the Texas-Mexico Border. Top industries of the region include healthcare and social assistance, educational services, and retail trade, and the highest paying industries are the management of companies and enterprises, mining, quarrying, oil, and gas extraction, and utilities. The Holiday Inn El Paso Airport is located directly on Gateway Blvd, the Interstate-10 Service Road, and is in close proximity to multiple room demand generators for leisure and business travelers alike. More than 70 Fortune 500 companies including Hoover, Eureka, Boeing, and The Home Depot, Inc. T&T Staff Management, the largest employers in El Paso is located 9.3 miles from the hotel. Other major employers are University Medical Center, the region’s only Level 1 Trauma Center and Level 1 Stroke Center (2.5 miles), G C Services, one of the industry’s leading business process outsourcing providers (2.7 miles), and Texas Tech University Health Services (2.3 miles). The Mission Ridge Development is underway in East El Paso, 13.3 miles away, is a 5,000-acre mixed-use development including single 20,305 family homes, 294 acres of commercial and office space, 700 apartment units, 105 acres of parks, and miles of biking and walking trails with 440 acres of preserved open space. Expected 2020 completion of the WestStar Tower development signals the continuing investment in El Paso’s economic revitalization with the 306-foot high-rise office building in downtown. The Holiday Inn El Paso Airport is located 1.5 miles from the El Paso International Airport.