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Hotel-Motel

Oakwood Suites Hotel

601 S Main St, Andrews, TX 79714

Listing Price: Request For Offer

Number of Rooms
62
RevPAR
$27
Year Built
2013

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 Oakwood Suites Hotel (‘Hotel’ or ‘Property’). The independent Hotel will be offered for auction on the Ten-X platform. The Oakwood Suites Hotel is located at 601 South Main Street (US Highway 385) in Andrews, Texas. The 62-room, three-story, independent Property was built in 2013 and sits on 2.14 acres and maintains an array of common area amenities including guest laundry facilities, fitness room, business center, conference room, and suite shop. Andrews is the residing county seat of Andrews County, Texas, and is located about 35 miles north of Midland and Odessa and 100 miles south of Lubbock. The county is included in the Permian Basin, which accounts for nearly 40 percent of all oil production in the United States and 15 percent of its natural gas production, according to the Federal Reserve of Dallas. Oil and gas mining plays a major role in the region’s economy with businesses such as Chevron, ExxonMobil, Devon Energy, and Baker Hughes holding operations in the area. Other industries include manufacturing, health care, and waste disposal with the largest employers being Waste Control Specialists LLC, Kirby Company Vacuum Cleaner Factory, and Permian Regional Medical Center. Additionally, the city houses a variety of leisure demand generators, including Lakeside Park, Shafter Lake, Legacy Park Museum, and Andrews County Expo Arena (ACE Arena). The Oakwood Suites Hotel offers an investor or owner-operator the opportunity to acquire a Hotel below replacement costs with value-add potential through operational initiatives and aggressive revenue management strategies.

Investment Highlights

  • Three-Story, 62-Room, Independent Hotel
  • Excellent Highway Location Off South Main Street Near the Intersection of Kermit Highway and US Highway 385
  • Multiple Oil and Gas Operations Nearby Including Chevron, ExxonMobil, Devon Energy, and Baker Hughes
  • Value Add Opportunity for Investors to Implement Operational Initiatives and Revenue Management Strategies
  • Conversion Opportunities are Available. Please Inquire with the Agent for More Information
  • Originally Built in 2013 as an Extended-Stay Hotel, 23 Rooms Equipped with a Kitchenette

Exclusively Listed By

Financing By

Hotel-Motel

Oakwood Suites Hotel

Listing Price: Request For Offer

Number of Rooms
62
RevPAR
$27
Year Built
2013

Investment Highlights

  • Three-Story, 62-Room, Independent Hotel
  • Excellent Highway Location Off South Main Street Near the Intersection of Kermit Highway and US Highway 385
  • Multiple Oil and Gas Operations Nearby Including Chevron, ExxonMobil, Devon Energy, and Baker Hughes
  • Value Add Opportunity for Investors to Implement Operational Initiatives and Revenue Management Strategies
  • Conversion Opportunities are Available. Please Inquire with the Agent for More Information
  • Originally Built in 2013 as an Extended-Stay Hotel, 23 Rooms Equipped with a Kitchenette

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 Oakwood Suites Hotel (‘Hotel’ or ‘Property’). The independent Hotel will be offered for auction on the Ten-X platform. The Oakwood Suites Hotel is located at 601 South Main Street (US Highway 385) in Andrews, Texas. The 62-room, three-story, independent Property was built in 2013 and sits on 2.14 acres and maintains an array of common area amenities including guest laundry facilities, fitness room, business center, conference room, and suite shop. Andrews is the residing county seat of Andrews County, Texas, and is located about 35 miles north of Midland and Odessa and 100 miles south of Lubbock. The county is included in the Permian Basin, which accounts for nearly 40 percent of all oil production in the United States and 15 percent of its natural gas production, according to the Federal Reserve of Dallas. Oil and gas mining plays a major role in the region’s economy with businesses such as Chevron, ExxonMobil, Devon Energy, and Baker Hughes holding operations in the area. Other industries include manufacturing, health care, and waste disposal with the largest employers being Waste Control Specialists LLC, Kirby Company Vacuum Cleaner Factory, and Permian Regional Medical Center. Additionally, the city houses a variety of leisure demand generators, including Lakeside Park, Shafter Lake, Legacy Park Museum, and Andrews County Expo Arena (ACE Arena). The Oakwood Suites Hotel offers an investor or owner-operator the opportunity to acquire a Hotel below replacement costs with value-add potential through operational initiatives and aggressive revenue management strategies.

Exclusively Listed By

Financing By

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