- Four-Story, 82-Room, Extended-Stay Hotel Built in 2020
- Well-Positioned in the Fast-Growing Austin Metropolitan Statistical Area
- Easily Accessible off Highway 183 and FM 1431
- Nearby Nebraska Furniture Mart Mixed-Use Development Will Include New Store, Convention Center, and Hotel - Projected to Open in 2025
- Strategic Location near an Assortment of Business and Leisure Demand Generators
- Offered Fee Simple, Unencumbered by Management or Debt
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 Staybridge Suites Cedar Park–Austin North (‘Hotel’ or ‘Property’). The InterContinental Hotels (IHG)-branded Hotel is offered on a call for offers basis. For more information, please contact the listing agent.
The Staybridge Suites Cedar Park-Austin North is a four-story, 82-suite Hotel stationed at 1110 Arrow Point Drive, just off FM 1431 near Highway 183, a highly trafficked north-south thoroughfare. The Hotel features several amenities of a well-positioned, extended-stay asset, including guest rooms with full kitchens, refrigerator, flat-screen TV, and work desk. Common area amenities include an on-site fitness center, laundry facilities, a 24-hour business center, and an outdoor pool.
Cedar Park is a major suburb of Austin, approximately 16 miles north of downtown Austin. The Hotel’s ideal location places the Property in the center of notable demand generators, such as The Cedar Park Regional Medical Center (1.2 miles), H-E-B Center at Cedar Park (2.1 miles), Round Rock Sports Center (7.4 miles), Dell Diamond (12.6 miles), Q2 Stadium (15.2 miles), The Domain Office and Retail Center (12.5 miles). Business demand can be attributed to Dell Technologies Inc (13 miles), IBM (14.6 miles), and the University of Texas at Austin (21.3 miles). 2.1 miles away from the Hotel, Nebraska Furniture Mart has anchored a 117-acre project located by the HEB Center on New Hope Dr by US 183. The mixed-use development is expected to open in 2025 and will include a 250-room minimum hotel, 30,000-square-foot convention center, 250,000-square-feet of commercial space for tenants' use, a 500,000-square-foot NFM store, and a 700,000-square-foot NFM warehouse.
Over the trailing-twelve-month period ending March 2022, the Property achieved room revenue of over $1.84M, and once stabilized, is expected to become a top performer amongst its market competitive set. The property is currently under-penetrating in RevPAR due to the initial ramp-up period following construction. A prospective buyer should be able to capitalize on the anticipated increase in RevPAR, not only benefiting from increased market share but also higher NOI flow-through.
Current expenses include provisions for a four percent capital replacement reserve and a three percent management fee. The Hotel is offered fee simple, unencumbered by a management contract or debt.
