CBRE Hotels is soliciting offers to acquire the fee-simple interest in the Holiday Inn Express in San Antonio North Riverwalk Area, Texas. Nestled among 3 major highways, Interstate 10, 35, and 37, the hotel is located in Downtown of San Antonio. Due to its prime location, the 82-room hotel receives business from a diverse population of both corporate and leisure segments.
Investment Highlights
- Minimal PIP - The Formula Blue PIP was completed in March 2020. Minimal PIP is expected for a new owner.
- Underperforming the Comp Set - The Holiday Inn Express has experienced a significant negative impact due to the San Pedro Creek expansion project over the past couple of years. The hotel is currently underperforming all hotels in its comp set. As of May 2023 TTM, the nearby La Quinta’s RevPAR is 53% higher and the Holiday Inn Express & Suites Rivercenter’s RevPAR is 47% higher than the Subject Property.
- Management Upside - The hotel will be offered unencumbered by management, allowing significant upside potential for a more hands-on owner operator to improve hotel’s overall performance through more efficient revenue management and reduction in labor expenses and property maintenance costs.
- Diverse Demand Drivers - The property is close to an array of multiple demand generators in San Antonio Downtown, including corporate offices, colleges, hospitals, stadiums, museums, historic sites, and multiple retail and entertainment area. Specifically, the hotel is within minutes to the business headquarters of HEB, Visionworks, Frost Bank, and Children’s Hospital of San Antonio. Additionally, five of the most renowned San Antonio’s colleges are within 4 miles from the hotel.
- Prime Location - The hotel is located just 3 blocks from the San Antonio River Walk, the city’s most premier tourist destination that attracts millions of visitors annually. In addition, the property is in proximity to the Historic Market Square - the largest Mexican market in the country and the Alamo - part of a UNESCO World Heritage site.
- San Antonio MSA - The San Antonio metropolitan area, boasting over 2.5 million residents, remains one of the fastest growing metros in the nation. Significant private and public investments have been poured into different city areas and commercial development has boomed across the Alamo City, concentrated not only Downtown, but southwest of the CBD at Port San Antonio, and Northwest stretching to the La Cantera/RIM area.
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