Residence Inn Corpus Christi
BUILDING ATTRIBUTES: The Marriott-branded extended-stay hotel is a three-story, 66-room, interior-corridor property built in 1994.
PROMINENT MARKET: The hotel is positioned within the Corpus Christi MSA, the seventh largest MSA in Texas.
PRIME LOCATION: Located along the Highway 35 corridor, the property is highly visible from the expressway. NEARBY AIRPORT: The Corpus Christi International Airport is located 11 miles away from the subject property.
VALUE-ADD OPPORTUNITY: Currently institutionally owned and third-party managed, a new owner-operator can see potential upside through a reduction in hotel operational expenses.
ON-SITE HOTEL AMENITIES: The hotel comes well-equipped with an indoor pool, outdoor sports court, outdoor patio with fireplace, fitness center, business center, and breakfast area.
FEE SIMPLE OFFERING: The Property is offered fee simple and unencumbered by any management contracts or existing debt.
DIVERSE DEMAND GENERATORS: Selena Museum, Hurricane Alley Waterpark, Texas State Aquarium, USS Lexington, Texas A&M –Corpus Christi, and Naval Air Station.
Fairfield Inn & Suites Corpus Christi
BUILDING ATTRIBUTES: The Marriott-branded hotel is a three-story, 66-room, interior-corridor property built in 1995.
PROMINENT MARKET: The hotel is positioned within the Corpus Christi MSA, the seventh largest MSA in Texas.
PRIME LOCATION: Located along the Highway 35 corridor, the property is highly visible from the expressway.
NEARBY AIRPORT: The Corpus Christi International Airport is located 11 miles away from the subject property.
VALUE-ADD OPPORTUNITY: Currently institutionally owned and third-party managed, a new owner-operator can see potential upside through a reduction in hotel operational expenses.
ON-SITE HOTEL AMENITIES: The hotel comes well-equipped with an outdoor pool, fitness center, business center, and breakfast area.
FEE SIMPLE OFFERING: The Property is offered fee simple and unencumbered by any management contracts or existing debt.
DIVERSE DEMAND GENERATORS: Selena Museum, Hurricane Alley Waterpark, Texas State Aquarium, USS Lexington, Texas A&M –Corpus Christi, and Naval Air Station.
Country Inn & Suites Corpus Christi
BUILDING ATTRIBUTES: The Choice-branded hotel is a three-story, 62-room, interior-corridor property built in 1995.
PROMINENT MARKET: The hotel is positioned within the Corpus Christi MSA, the seventh largest MSA in Texas.
PRIME LOCATION: Located along the Highway 35 corridor, the property is highly visible from the expressway.
NEARBY AIRPORT: The Corpus Christi International Airport is located 11 miles away from the subject property.
VALUE-ADD OPPORTUNITY: Currently institutionally owned and third-party managed, a new owner-operator can see potential upside through a reduction in hotel operational expenses.
ON-SITE HOTEL AMENITIES: The hotel comes well-equipped with an indoor pool, outdoor patio, fitness center, business center, and breakfast area.
FEE SIMPLE OFFERING: The Property is offered fee simple and unencumbered by any management contracts or existing debt.
DIVERSE DEMAND GENERATORS: Selena Museum, Hurricane Alley Waterpark, Texas State Aquarium, USS Lexington, Texas A&M –Corpus Christi, and Naval Air Station.
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 194-room Corpus Christi Portfolio (‘Hotels’ or ‘Properties’) including the Residence Inn Corpus Christi, Fairfield Inn & Suites Corpus Christi, and Country Inn & Suites.
These high-quality Properties achieved combined gross revenue of over $6M in 2019. The portfolio is an ideal mix of extended stay, upper mid-scale and mid-scale offerings coupled with top brands within its class. All three Hotels are located next to each other giving a portfolio buyer strong economies of scale when it comes to operations. Completion of each Hotel’s property improvement plan would allow a prospective buyer to increase ADR and occupancy due to a superior property offering. There is also a strong possibility of reducing operational costs to increase profitability as the assets are currently institutionally managed and managed by third party management.
Positioned off State Highway 358 near its intersection with State Highway 286, the Properties are in a strategic location near many of the city’s businesses and attractions. Many attractions in the area, including Selena Museum (10.6 miles), Hurricane Alley Water Park (10.8 miles), Texas State Aquarium (12.4 miles), USS Lexington (12.4 miles), and Naval Air Station (11.0 miles), provide significant demand for rooms less than 15 miles from portfolio. Corpus Christi International Airport is located less than 11 miles away from the Properties, making them an attractive option for travelers.
A wide variety of opportunities due to nearby city and business expansion. CLC Projects and the Harbor Bridge Project are two examples of developments that, as completed, would provide stable growth for the region’s economy. The new bridge design is a distinct feature of the city that will be the tallest point in South Texas and the longest cable-stayed bridge in the United States once completed. Nearby businesses in the medical industry include Christus Spohn Hospital Emergency South, which is soon to begin renovation and expansion, and Driscoll Children’s Hospital, both of which generate room nights for the portfolio. Another demand generator, Texas A&M – Corpus Christi is a public research university hosting over 10,000 students and nearly 700 academic staff members on its 396-acre campus. Lastly, glass manufacturing comprises a significant portion of the local economy with companies like Smith Glass, SpawGlass Company, and Advance Glass Company all located near the Properties generating hundreds of room nights.
Marriott’s International Brand Affiliation provides the world’s largest travel loyalty program, Marriott Bonvoy. Marriott’s global platform has over 160 million users and helps drive top-line revenue and bottom-line cost savings.
Choice Hotels International currently franchises more than 7,100 hotels in more than 40 countries, representing nearly 600,000 rooms. Choice is the first hotel company to offer Virtual Pay functionality on its consumer-facing website. This feature makes it easier for corporate travel managers to book reservations and eliminates the need for each traveler to have a corporate credit card.
All Properties are offered fee simple and unencumbered by any management or debt. Assets could be acquired as a portfolio or individually.
Broker of Record
Tim Speck
License: TX 9002994
