RealINSIGHT Marketplace Auction Dates: Nov. 8, 2021 - Nov. 10, 2021 - Starting Bid: $1,750,000
- The Property is REO/Lender Controlled and Third-Party Manged
- Five-Story, 126-Room, Upper-Midscale Hotel Built in 2008
- Excellent Visibility and Easily Accessible from Interstate 35 West
- Located Within the Dallas/Fort Worth Metropolitan Statistical Area, Texas’ Largest MSA
- Less than Four Miles from Meacham International Airport
- Value Add Opportunity for Investor to Capitalize on the Anticipated Increase in RevPAR
- Tour Dates: October 21, 2021, October 29, 2021 & November 5, 2021 - Contact Agent to Schedule
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 InterContinental Hotel Group-branded Holiday Inn Fort Worth North – Fossil Creek (‘Hotel’ or ‘Property’).
The Holiday Inn is a 126-room, five-story Hotel stationed at 4635 Gemini Place, just off Interstate 35 West within the Dallas-Fort Worth Metropolitan Statistical Area. The Hotel features a full-service restaurant and lounge, an indoor pool and spa, fitness center, on-site laundry facilities, a business center, three meeting rooms, and three board rooms totaling 2160 square feet of space. The room mix is comprised of both spacious king-size rooms and two queen-bed guest rooms, each equipped with various room amenities including microwave, mini-refrigerator, flat-screen television, and work desk.
Fort Worth, Texas is a part of the Dallas/Fort Worth Metroplex and consists of Tarrant, Hood, Johnson, Parker, Wise, and Somervell counties. The most populous cities in the metro area are Fort Worth and Arlington; both locales are expected to record population gains over the next five years that notably exceed the national rate, driving demand for housing. The metro is home to several higher educational institutions, including the University of Texas at Arlington (20.1 miles) and Texas Christian University (10.3 miles), which supply an educated labor force for the large and diverse employment base. Business demand can be attributed to a multitude of corporate headquarters including Haggar Clothing (2.4 miles), Elbit Systems (5.6 miles), Exterran (20.5 miles), TDIndustries (1.4 miles), Coca Cola (2.3 miles), Trinity Industries (3.1 miles), and Ritchie Brothers Auctioneers (7.6 miles). Fort Worth and Arlington are home to the Texas Rangers and the Dallas Cowboys who play at Globe Life Field (20.2 miles) and AT&T Stadium (19.9 miles).
The Naval Air Station Joint Reserve Base, one of Fort Worth’s largest employers with over 11,000 personnel, is situated 8.6 miles from the Hotel and generates a $1.3 billion impact on the local economy. Lockheed Martin, an aerospace, arms, and defense corporation is headquartered in Air Force Plant 4, which is less than 15 miles from the Hotel. Additionally, the Property is situated between Meacham International Airport (3.1 miles), Fort Worth Alliance Airport (12.3 miles), and Dallas/Fort Worth International Airport (21.2 miles).
In 2018 and 2019, the Hotel recorded an average of $2.7 million in room revenues and maintained an average RevPAR of $55, resulting in an 87 percent RevPAR penetration index compared to the strong Fort Worth/Arlington submarket. Although the Hotel is underperforming the STR-defined competitive set, a new operator should be able to capitalize on the anticipated increase in RevPAR after the completion of a property improvement plan.
