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Hotel-Motel

Proposed Full Service - Under Development Hotel Project - Midland West

1403 N 250 W Loop, Midland, TX 79706

Listing Price: Request For Offer

Number of Rooms
140
RevPAR
$101
Year Built
2018

Investment Overview

As the exclusive representative of the seller, Marcus & Millichap’s National Hospitality Division is pleased to present for sale to qualified investors a full-service hotel development near downtown in Midland, Texas. The project will be offered for sale via auction, through the Ten-X auction platform. The development encompasses a six-story concrete and steel frame building that is currently in a dry-in state. Situated off Loop 250 and State Highway 191, the development consists of 140-rooms with public areas including 3,458 square feet full-service bar and restaurant, and 5,355 square feet of conference/event space. The entire development sits on a 2.388-acre lot. Built under the pretense of housing a Delta by Marriott, the building will be suitable for multiple full-service conversion opportunities including brands offered by Marriott and Hilton. Contact listing agent for more information. Various ingress/egress points at the development site will offer direct access to Sam’s Club, Red Oak Shopping Center, HEB Grocery Store, and the Loop 250 Service Road. Business and transient tourist can appreciate the convenient location the subject upscale hotel will offer upon completion. This hotel site is just minutes from a variety of local attractions, including downtown Midland, which features specialty shops, local boutiques, and several dining hotspots. The site is a short drive from Midland Central Business District (5.7 miles), the convention center (3.9 miles), Petroleum Club of Midland (5.6 miles), and Scharbauer Sports Complex (0.9 miles). Other major demand generators include Wagner Noel Performing Arts Center, Susie’s South Forty Confections, I-20 Wildlife Preserve, and Midland Rockhounds Minor League Baseball Team, which plays at the Momentum Bank Ballpark. Midland was founded as the midway point between Fort Worth and El Paso along the Texas and Pacific Railroad in 1881, lending the town its name. Midland serves as the principal city of the Midland Metropolitan Statistical Area (MSA) and the larger Midland-Odessa Combined Statistical area. In 2020, Midland ranked first in GDP growth and is the 17th fastest-growing city in the United States according to the Kinder Institute for Urban Research. The Midland International Air and Space Port, situated 10 miles away, is the only major airport in the region and ranked eighth in Texas for commercial service. The Permian Basin Oil Field supports the region’s economy and houses the most lucrative oil field in the United States — the Mid-Continental Oil Field. In Texas alone, the Mid-Continental Oil Field has approximately an estimated 190 billion barrels of oil. According to the Federal Reserve Bank of Dallas, not only does the greater Permian Basin accounts for 40 percent of all oil production in the United States, but also 15 percent of its natural gas production. Midland is the corporate headquarters for over 20 energy firms that primarily focus on the Permian Basin. Energy firms such as Anthem Oil & Gas, Anadarko, Apache, Baker Hughes, Chevron, Conoco Phillips, Occidental Petroleum, Diamondback Energy, and Halliburton Energy are all located less than 10 miles from the Property.

Investment Highlights

  • Fee-Simple Interest in an Under-Construction, 140-Room, Full-Service Hotel with ~3,500 SF restaurant and ~5,400 SF Conference/event space
  • Six Story Concrete and Steel frame construction in a Dry-In Condition. Purchaser Needs to Complete MEP, HVAC, and Internal Finish Out
  • Offered Un-Encumbered by Any Brands. Possible Full-Service Brand Affiliation with Marriott and Hilton Available; Contact Listing Agent for More Information
  • Situated with High Visibility Off Loop 250 and State Highway 191 with Four Entrance Points Providing Direct Access to Nationally Acclaimed Retailers, Restaurants, and Entertainment Amenities
  • Excellent Opportunity to Acquire One of Two Full-Service Upscale Hotels in Midland Market and Infiltrate an Almost Untapped Market
  • Nearby Demand Drivers Include Wagner Noel Performing Arts Center, Susie's South Forty Confections, I-20 Wildlife Preserve, Scharbauer Sports Complex, and Momentum Bank Ballpark; Uptown, the Houston Zoo, the University of Houston are within Five Miles
  • Midland Ranked First in GDP Growth and is the 17th Fastest-Growing U.S. City in 2020, According to a 2020 Study by Kinder Institute of Urban Research
  • Nearby Natural Energy Firms Include Anthem Oil & Gas, Anadarko, Apache, Baker Hughes, Chevron, Conoco Phillips, Occidental Petroleum, Diamondback Energy, and Halliburton Energy

Exclusively Listed By

Hotel-Motel

Proposed Full Service - Under Development Hotel Project - Midland West

Listing Price: Request For Offer

Number of Rooms
140
RevPAR
$101
Year Built
2018

Investment Highlights

  • Fee-Simple Interest in an Under-Construction, 140-Room, Full-Service Hotel with ~3,500 SF restaurant and ~5,400 SF Conference/event space
  • Six Story Concrete and Steel frame construction in a Dry-In Condition. Purchaser Needs to Complete MEP, HVAC, and Internal Finish Out
  • Offered Un-Encumbered by Any Brands. Possible Full-Service Brand Affiliation with Marriott and Hilton Available; Contact Listing Agent for More Information
  • Situated with High Visibility Off Loop 250 and State Highway 191 with Four Entrance Points Providing Direct Access to Nationally Acclaimed Retailers, Restaurants, and Entertainment Amenities
  • Excellent Opportunity to Acquire One of Two Full-Service Upscale Hotels in Midland Market and Infiltrate an Almost Untapped Market
  • Nearby Demand Drivers Include Wagner Noel Performing Arts Center, Susie's South Forty Confections, I-20 Wildlife Preserve, Scharbauer Sports Complex, and Momentum Bank Ballpark; Uptown, the Houston Zoo, the University of Houston are within Five Miles
  • Midland Ranked First in GDP Growth and is the 17th Fastest-Growing U.S. City in 2020, According to a 2020 Study by Kinder Institute of Urban Research
  • Nearby Natural Energy Firms Include Anthem Oil & Gas, Anadarko, Apache, Baker Hughes, Chevron, Conoco Phillips, Occidental Petroleum, Diamondback Energy, and Halliburton Energy

Investment Overview

As the exclusive representative of the seller, Marcus & Millichap’s National Hospitality Division is pleased to present for sale to qualified investors a full-service hotel development near downtown in Midland, Texas. The project will be offered for sale via auction, through the Ten-X auction platform. The development encompasses a six-story concrete and steel frame building that is currently in a dry-in state. Situated off Loop 250 and State Highway 191, the development consists of 140-rooms with public areas including 3,458 square feet full-service bar and restaurant, and 5,355 square feet of conference/event space. The entire development sits on a 2.388-acre lot. Built under the pretense of housing a Delta by Marriott, the building will be suitable for multiple full-service conversion opportunities including brands offered by Marriott and Hilton. Contact listing agent for more information. Various ingress/egress points at the development site will offer direct access to Sam’s Club, Red Oak Shopping Center, HEB Grocery Store, and the Loop 250 Service Road. Business and transient tourist can appreciate the convenient location the subject upscale hotel will offer upon completion. This hotel site is just minutes from a variety of local attractions, including downtown Midland, which features specialty shops, local boutiques, and several dining hotspots. The site is a short drive from Midland Central Business District (5.7 miles), the convention center (3.9 miles), Petroleum Club of Midland (5.6 miles), and Scharbauer Sports Complex (0.9 miles). Other major demand generators include Wagner Noel Performing Arts Center, Susie’s South Forty Confections, I-20 Wildlife Preserve, and Midland Rockhounds Minor League Baseball Team, which plays at the Momentum Bank Ballpark. Midland was founded as the midway point between Fort Worth and El Paso along the Texas and Pacific Railroad in 1881, lending the town its name. Midland serves as the principal city of the Midland Metropolitan Statistical Area (MSA) and the larger Midland-Odessa Combined Statistical area. In 2020, Midland ranked first in GDP growth and is the 17th fastest-growing city in the United States according to the Kinder Institute for Urban Research. The Midland International Air and Space Port, situated 10 miles away, is the only major airport in the region and ranked eighth in Texas for commercial service. The Permian Basin Oil Field supports the region’s economy and houses the most lucrative oil field in the United States — the Mid-Continental Oil Field. In Texas alone, the Mid-Continental Oil Field has approximately an estimated 190 billion barrels of oil. According to the Federal Reserve Bank of Dallas, not only does the greater Permian Basin accounts for 40 percent of all oil production in the United States, but also 15 percent of its natural gas production. Midland is the corporate headquarters for over 20 energy firms that primarily focus on the Permian Basin. Energy firms such as Anthem Oil & Gas, Anadarko, Apache, Baker Hughes, Chevron, Conoco Phillips, Occidental Petroleum, Diamondback Energy, and Halliburton Energy are all located less than 10 miles from the Property.

Exclusively Listed By

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