Ten-X Auction: April 5, 2021 - April 7, 2021
Starting Bid: $1,300,000
- 89-Room, Midscale Hotel Built in 2006
- The ability for Hands-On-Owner-Operator to decrease Expenses & Increase Net Operating Income
- Northwestern Oklahoma State University is a Nearby Demand Generator
- Corporate Demand Generators Included Mutual of Omaha, Halliburton, ONEOK, and Siemens
- Lender REO
Marcus & Millichap's National Hospitality Group, as an exclusive representative of the seller, is pleased to present for sale to qualified investors the Holiday Inn Express & Suites Woodward, an InterContinental Hotels Group-branded hotel. The Property, constructed in 2006, sits at a prime location on Williams Avenue with visible access from the expressway near a highly trafficked Wal-Mart.
The 89-room hotel represents a unique opportunity to acquire the fee-simple interest in an asset with strong brand recognition at a price expected to be well below replacement cost. Boasting a unique property room mix, including regular and extended stay units, the hotel is well-equipped with favorable amenities such as an indoor heated pool and whirlpool, fitness center, and business center.
The Property's RevPAR was approximately $55, achieving revenues above $1.7 million through 2019. This Property is the premier hotel amongst the competitive market set and has posted an average of 185%+ RPI over the last three years.
The region's primary focus is on the energy industry and has enhanced its regional position by adding alternative energy solutions such as wind power generation. In concert with the city's focus on community development and infrastructure improvement, it has established growth for the region. Woodward is in the midst of a multi-million dollar renovation of Crystal Beach Park, which will enhance leisure demand options to travelers.
The Property is unencumbered by a management agreement, providing complete operational flexibility to a new investor. Essentially a blank slate, the Property may benefit from a change in market position and more aggressive revenue management, especially as change-of ownership PIP renovations are finalized. Industry-standard adjustments to expenses include provisions for a four percent capital replacement reserve.
As the sole producer of Iodine in the US, the Woodward area is home to all major domestic iodine production companies:
- Deepwater Chemicals, Inc. A subsidiary of Toyota Tsusho (TTC)
- Iofina plc, a British company is involved in the exploration and production of iodine and iodine specialty chemical derivatives.
- Iochem Corporation is the largest producer of medical-grade iodine in North America
- Woodward Iodine Corporation currently operates 22 production wells and 10 injection wells in Woodward county. They are a subsidiary of ISE Chemicals Corporation, one of the leading iodine manufactures in Japan (they produce about 35% of the world’s iodine)
The Holiday Inn Express & Suites is an 89-room hotel built in 2006 and has an onsite business center, heated indoor pool and whirlpool, and fitness center. The guest room amenities include a flat-screen television, microwave, and DVD player.
The previous owner spent over $2 million in renovations of all guestroom bathrooms to the Formula Blue Compliant package, 21 rooms are fully compliant, and the lobby is partially complete.
Woodward, Oklahoma, is located in the northwestern part of the state and is positioned approximately two hours from Oklahoma City's center. The Holiday Inn Express & Suites Woodward is located at 3333 Williams Avenue and is near business demand generators such as Mutual of Omaha, Haliburton, ONEOK, and Siemens. The region is noted for its hold on the energy market and has developed alternative energy solutions, including wind power products. Education is another sector in the region's economy, and Northwestern Oklahoma State University offers Undergraduate and Graduate degree programs. The university hosts multiple scholastic events year-round, which drive market demand generation. Crystal Beach Park is a leisure demand generator and features a large swimming pool, band-shell amphitheater surrounding a spring-fed lake.
Broker of Record
Oklahoma, Lic # 181981