- 77-Room, Interior Corridor, Midscale Hotel Built in 2003
- Located Within Greater San Antonio MSA & 45 Miles From Austin
- Recent Extensive LQUP PIP Renovations Completed 2018/2019
- Hotel Offered at a $63,636 PPK, Significantly Below Replacement Cost
- Located on Interstate 35, One of the Fastest Growing Corridors in Texas
- Three Miles from Schlitterbahn Waterpark
Investment Overview:
Marcus & Millichap's National Hospitality Group, as the exclusive representative of the seller, is pleased to present for sale to qualified investors the La Quinta Inn & Suites New Braunfels. The Wyndham Hotels & Resorts-branded hotel is offered at $4,900,000 or $63,636 PPK and sits on 1.76 acres
Located in the Greater San Antonio MSA the hotel is less than a 30-minute drive from the San Antonio International Airport and is perfectly positioned to take advantage of the leisure travel demand created by Schlitterbahn waterpark, located two miles away. Additionally, with nearby Interstate travel exceeding 104,000 cars per day, the La Quinta Inn & Suites New Braunfels is poised to capitalize on transient hotel demand in the area.
This three-story, 77-room hotel gives a new investor the chance to acquire a well-maintained asset within a market that has shown growth, offers additional upside, and is located near a major MSA. The hotel is currently operating at 83 percent RevPAR penetration and presents the opportunity for rate escalation that can immediately pass through to the bottom-line and increase EBITDA. The hotel is well-kept with very little, if any, deferred maintenance.
The current ownership renovated the property extensively in 2018/2019 to meet requirements for Wyndham LQUP property improvement plan (“PIP) New ownership can expect estimated PIP transfer and renovations cost to be between $50,000- $100,000.
Current expenses include provisions for a 4 percent capital replacement reserve. The hotel is offered fee simple, unencumbered by a management contract or debt.
Property Overview:
The La Quinta Inn & Suites New Braunfels is a Wyndham Hotels & Resorts-branded property with 77 rooms spread throughout three floors. The midscale hotel amenities included are an outdoor pool, exercise room, business center, and meeting space. Each guest room comes equipped with a flat-screen television, microwave, and refrigerator.
Location Overview:
New Braunfels, Texas is located in the south-central part of the state and positioned 49 miles south of Austin and 31 miles north of San Antonio city centers. The La Quinta Inn & Suites New Braunfels resides on 365 Hwy 46 South and near several room demand generators. The city encompasses diversified industries which include tourism, financial institutions, and technology companies. Recently announced PNC Bank chose New Braunfels for a new operations center which will be housed in a 60,000 square-foot office space in the Parkview Plaza with expected completion by late 2020. In October 2019, Continental Structural Plastics also broke ground on their 2,000 square-foot $65 million plastics manufacturing facility in the region. TaskUs also invested in a 41,000 square-foot lease to house its call center who provides a plethora of business services to digital brands such as Tinder, Wish, Hootsuite, Hotels Tonight, and Sparefoot. The La Quinta Inn & Suites New Braunfels is near Schlitterbahn Waterpark (2.9 miles) and for a record 22nd straight year the resort has been named the Best Waterpark in the World at the 2019 Amusement Today's Golden Ticket Awards ceremony. Other room demand generators include the Natural Bridge Caverns (18.5 miles), Central Texas Medical Center (18.6 miles), and Wildlife Ranch (20.3 miles). The New Braunfels Regional Airport (4.9 miles) is nearby for travelers and handles over nine million passengers annually.
