CBRE Hotels is soliciting offers to acquire the fee-simple interest in the Fairfield Inn & Suites by Marriott in Snyder, Texas. The property consists of 81 rooms and is located directly off State Highway 350, with easy access to the area’s demand generators in the energy industry. The hotel is offered unencumbered of management and debt.
Investment Highlights
- The property is a 2016-built, 81-room, three-story, Fairfield Inn & Suites located in Snyder, Texas. The hotel is currently being managed by an institutional management company.
- Fairfield Inn & Suites by Marriott is a nationally recognized limited-service brand. This offering presents a unique opportunity to acquire a premium brand limited-service property at significantly below replacement cost.
- Despite being the newest hotel in the comp set, the hotel is currently underperforming its comp set. As of TTM June 2023, the Holiday Inn Express’s RevPAR is 25% higher and the Hampton Inn’s RevPAR is 36% higher than the Fairfield Inn & Suites.
- In-place NOI is yielding only 19.3% of Gross Revenue, allowing the opportunity for a more hands-on owner-operator to drive significant value and increase the NOI through improvements in housekeeping labor utilization and reduction in property maintenance expenses.
- The property is ideally situated along State Highway 350, providing convenient access to Downtown Snyder, Cogdell Memorial Hospital, Walmart Supercenter, and Western Texas College. In addition, the hotel is in proximity to many major area’s demand generators, including corporate offices, medical centers, colleges, and museum. Specifically, the Fairfield Inn & Suites is located 0.3 mile from Air Methods, 1.5 miles from the Sammy Baugh Golf Course, and 1.3 miles from Scurry County Museum.
- Located in West Texas, Snyder has a strong economy, driven by oil, gas and wind industries. The city is home to the the Kelly-Snyder oilfield, a giant oil producing area, in the northern part of the city, on the eastern edge of the Permian Basin as well as the more recently discovered Cline Shale. Additionally, two of the largest wind farms in the nation are located in the Snyder area.
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