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Hotel-Motel

San Angelo 2-Pack Portfolio

1901 W Beauregard Ave, San Angelo, TX 76901

Listing Price: $4,500,000

Cap Rate
10.10%
Number of Rooms
188
RevPAR
$19
Price/Room
$23,936
RRM
3.41
Year Built
1980

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 El Patio Inn and San Angelo Lodge (‘Hotels’ or ‘Properties’). The Independent-branded Hotels are offered at $4,500,000 or $23,936 per key. The El Patio Inn is a 101-room, two-story building located at 1901 W Beauregard Avenue in San Angelo, Texas. The exterior-corridor Hotel was built in 1980 and sits on a 1.53-acre lot, with approximately 54,300 square feet of interior space spread across two floors, including Hotel amenities such as a guest laundry facility and patio courtyard. One suite is currently used as managers living quarters with the opportunity for a long-term rental. Located just down the street from the El Patio Inn, the San Angelo Lodge is an 87-room, two-story building located at 1717 W Beauregard Avenue. Situated on 1.24 acres, the exterior-corridor building was built in 1970 and maintains 47,100 square feet of space between its two floors. Also, the Hotel features common area amenities for guests, such as the outdoor pool and laundry facility. The Property includes two apartments, currently used by management, which can be converted to long-term rentals. San Angelo, Texas, is an ever-expanding city in the heart of Tom Green County, on the southwestern edge of the Edwards Plateau and the northeastern edge of the Chihuahuan Desert at the junction of the North and South Concho Rivers. Located 111 miles southeast of Midland and 207 miles northwest of Austin. With the city's major employers and popular revenue generators nearby, this sought-after property has benefited from the key industries of the city including mining, quarrying, oil, and gas extraction. The region’s top employers include the education centers of San Angelo ISD and Angelo State University, as well as government employers such as Goodfellow Airforce Base and the City of San Angelo. Shannon Health System, Sitel Corporation, and Lone Star Beef Production also employ the most residents in the area across three major industries. Much of the non-business demand in the area is driven by attractions like the International Waterlily Civic League Park and Fort Concho, with many museum-goers seeking out Miss Hattie’s Bordello Museum or the San Angelo Museum of Fine Arts. Combined, the Portfolio achieved over $1.32 million of room revenues through the twelve months ending March 2022, resulting in a net operating income of 34 percent of total revenues; this equates to over $457 thousand. This Portfolio offers a new investor the opportunity to acquire two well-maintained Hotels at a price below replacement cost in a growing market and implement additional marketing strategies to stabilize revenues and increase year-over-year RevPAR. Furthermore, current ownership has $30 thousand worth of materials and FF&E on hand for the purpose of remodeling 15 non-operational rooms; once these rooms are fully renovated, new ownership can increase top-line revenues. The three on-site furnished apartments can be rented for $44,400 annually or $3,700 per month.

Investment Highlights

  • Two-Property, 188-Room, Independent Portfolio with Three Apartment Units
  • Priced Below Replacement Cost at $23,936 Per Room
  • Well-Positioned off a Highly Trafficked Thoroughfare in the Heart of Downtown San Angelo
  • Surrounded by Nationally Acclaimed Retailers, Restaurants, and Entertainment Amenities
  • Value-Add Opportunity to Further Increase Revenues through Marketing Strategies and Implementation of 15 Additional Rooms and 3 Apartment Units

Exclusively Listed By

Hotel-Motel

San Angelo 2-Pack Portfolio

Listing Price: $4,500,000

Cap Rate
10.10%
Number of Rooms
188
RevPAR
$19
Price/Room
$23,936
RRM
3.41
Year Built
1980

Investment Highlights

  • Two-Property, 188-Room, Independent Portfolio with Three Apartment Units
  • Priced Below Replacement Cost at $23,936 Per Room
  • Well-Positioned off a Highly Trafficked Thoroughfare in the Heart of Downtown San Angelo
  • Surrounded by Nationally Acclaimed Retailers, Restaurants, and Entertainment Amenities
  • Value-Add Opportunity to Further Increase Revenues through Marketing Strategies and Implementation of 15 Additional Rooms and 3 Apartment Units

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 El Patio Inn and San Angelo Lodge (‘Hotels’ or ‘Properties’). The Independent-branded Hotels are offered at $4,500,000 or $23,936 per key. The El Patio Inn is a 101-room, two-story building located at 1901 W Beauregard Avenue in San Angelo, Texas. The exterior-corridor Hotel was built in 1980 and sits on a 1.53-acre lot, with approximately 54,300 square feet of interior space spread across two floors, including Hotel amenities such as a guest laundry facility and patio courtyard. One suite is currently used as managers living quarters with the opportunity for a long-term rental. Located just down the street from the El Patio Inn, the San Angelo Lodge is an 87-room, two-story building located at 1717 W Beauregard Avenue. Situated on 1.24 acres, the exterior-corridor building was built in 1970 and maintains 47,100 square feet of space between its two floors. Also, the Hotel features common area amenities for guests, such as the outdoor pool and laundry facility. The Property includes two apartments, currently used by management, which can be converted to long-term rentals. San Angelo, Texas, is an ever-expanding city in the heart of Tom Green County, on the southwestern edge of the Edwards Plateau and the northeastern edge of the Chihuahuan Desert at the junction of the North and South Concho Rivers. Located 111 miles southeast of Midland and 207 miles northwest of Austin. With the city's major employers and popular revenue generators nearby, this sought-after property has benefited from the key industries of the city including mining, quarrying, oil, and gas extraction. The region’s top employers include the education centers of San Angelo ISD and Angelo State University, as well as government employers such as Goodfellow Airforce Base and the City of San Angelo. Shannon Health System, Sitel Corporation, and Lone Star Beef Production also employ the most residents in the area across three major industries. Much of the non-business demand in the area is driven by attractions like the International Waterlily Civic League Park and Fort Concho, with many museum-goers seeking out Miss Hattie’s Bordello Museum or the San Angelo Museum of Fine Arts. Combined, the Portfolio achieved over $1.32 million of room revenues through the twelve months ending March 2022, resulting in a net operating income of 34 percent of total revenues; this equates to over $457 thousand. This Portfolio offers a new investor the opportunity to acquire two well-maintained Hotels at a price below replacement cost in a growing market and implement additional marketing strategies to stabilize revenues and increase year-over-year RevPAR. Furthermore, current ownership has $30 thousand worth of materials and FF&E on hand for the purpose of remodeling 15 non-operational rooms; once these rooms are fully renovated, new ownership can increase top-line revenues. The three on-site furnished apartments can be rented for $44,400 annually or $3,700 per month.

Exclusively Listed By

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