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Hotel-Motel

Best Western Oasis Inn Canadian

303 S 2nd St, Canadian, TX 79014

Listing Price: $3,050,000

Cap Rate
3.36%
Number of Rooms
55
RevPAR
$10
Price/Room
$55,455
RRM
4.24
Year Built
2003

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 Best Western Oasis Inn (‘Hotel’ or ‘Property’). The Best Western-affiliated Hotel is offered at $3,050,000 or $55,455 per key. The Best Western Oasis Inn is located at 303 S 2nd Street in Canadian, Texas, just off U.S. Highway 60. The 55-room, three-story building was built in 2009 and situated on a 0.96-acre lot. The Property maintains a wide variety of common area amenities, such as a fitness center, heated indoor pool, breakfast area, laundry facility, business center, vending machines, and meeting facilities. Recently completing a Property Improvement Plan (PIP), Hotel capital expenditures include all new carpet, televisions, and a resurfaced parking lot. The quality assurance assessment conducted by Best Western in March 2022 rated the property as “above average,” earning a score of 946 out of 1,000. Often referred to as “the oasis of the High Plains,” Canadian is the county seat of Hemphill County, Texas and located about 100 miles northeast of Amarillo. Named after the nearby Canadian River, the city is located on the eastern side of the Texas Panhandle, near the Oklahoma border. Driving business travel to the city, Canadian’s top employers include Devon Energy, EOG Resources, and OneOk. Just under two miles from Hemphill County Airport and 100 miles from Rick Husband Amarillo International Airport, tourism to Canadian is largely generated from the region’s diverse array of attractions. Outdoor activities in the city range from touring Black Kettle National Grasslands, Lake Marvin, and the Gene Howe Wildlife Management Area to utilizing the amenities the various city parks and Hemphill County Recreation Complex provide. The city also boasts a rich culture and history, which is preserved by institutions such as the Citadelle Art Foundation, Palace Theatre, and River Valley Pioneer Museum. Lastly, the Canadian Cultural District provides unity to the city’s historical assets, local culture, and arts scene. Established by the city in 2017, the district is home to many well-known annual events including festivals, music performances, museums, art exhibitions, and more, drawing thousands of visitors into the River City each year. In the trailing twelve-month period ending in June 2022, room revenues exceeded $729 thousand. Attractively priced at $55,455, the hotel represents an opportunity to acquire the fee-simple interest in an asset with brand recognition at a price expected to be well below replacement cost. The Property’s access to Best Western’s loyalty program and strong distribution system gives it a major competitive edge. The brand has more than 4,700 independently owned and operated hotels throughout the globe.

Investment Highlights

  • Three-Story, 55-Room, Best Western-Affiliated Hotel
  • Located Approximately 100 Miles from Amarillo and Rick Husband Amarillo International Airport
  • Highly Visible and Easily Accessible from U.S. Highway 60
  • Attractively Priced Below Replacement Cost at $55,455 per Key
  • Current Ownership Completed PIP in 2019 - Including New Carpet, Parking Lot, and Televisions
  • Best Western North American Quality Assurance Summary Report Rated the Property Above Average with GRPA Score of 946 out of 1,000

Exclusively Listed By

Financing By

Hotel-Motel

Best Western Oasis Inn Canadian

Listing Price: $3,050,000

Cap Rate
3.36%
Number of Rooms
55
RevPAR
$10
Price/Room
$55,455
RRM
4.24
Year Built
2003

Investment Highlights

  • Three-Story, 55-Room, Best Western-Affiliated Hotel
  • Located Approximately 100 Miles from Amarillo and Rick Husband Amarillo International Airport
  • Highly Visible and Easily Accessible from U.S. Highway 60
  • Attractively Priced Below Replacement Cost at $55,455 per Key
  • Current Ownership Completed PIP in 2019 - Including New Carpet, Parking Lot, and Televisions
  • Best Western North American Quality Assurance Summary Report Rated the Property Above Average with GRPA Score of 946 out of 1,000

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 Best Western Oasis Inn (‘Hotel’ or ‘Property’). The Best Western-affiliated Hotel is offered at $3,050,000 or $55,455 per key. The Best Western Oasis Inn is located at 303 S 2nd Street in Canadian, Texas, just off U.S. Highway 60. The 55-room, three-story building was built in 2009 and situated on a 0.96-acre lot. The Property maintains a wide variety of common area amenities, such as a fitness center, heated indoor pool, breakfast area, laundry facility, business center, vending machines, and meeting facilities. Recently completing a Property Improvement Plan (PIP), Hotel capital expenditures include all new carpet, televisions, and a resurfaced parking lot. The quality assurance assessment conducted by Best Western in March 2022 rated the property as “above average,” earning a score of 946 out of 1,000. Often referred to as “the oasis of the High Plains,” Canadian is the county seat of Hemphill County, Texas and located about 100 miles northeast of Amarillo. Named after the nearby Canadian River, the city is located on the eastern side of the Texas Panhandle, near the Oklahoma border. Driving business travel to the city, Canadian’s top employers include Devon Energy, EOG Resources, and OneOk. Just under two miles from Hemphill County Airport and 100 miles from Rick Husband Amarillo International Airport, tourism to Canadian is largely generated from the region’s diverse array of attractions. Outdoor activities in the city range from touring Black Kettle National Grasslands, Lake Marvin, and the Gene Howe Wildlife Management Area to utilizing the amenities the various city parks and Hemphill County Recreation Complex provide. The city also boasts a rich culture and history, which is preserved by institutions such as the Citadelle Art Foundation, Palace Theatre, and River Valley Pioneer Museum. Lastly, the Canadian Cultural District provides unity to the city’s historical assets, local culture, and arts scene. Established by the city in 2017, the district is home to many well-known annual events including festivals, music performances, museums, art exhibitions, and more, drawing thousands of visitors into the River City each year. In the trailing twelve-month period ending in June 2022, room revenues exceeded $729 thousand. Attractively priced at $55,455, the hotel represents an opportunity to acquire the fee-simple interest in an asset with brand recognition at a price expected to be well below replacement cost. The Property’s access to Best Western’s loyalty program and strong distribution system gives it a major competitive edge. The brand has more than 4,700 independently owned and operated hotels throughout the globe.

Exclusively Listed By

Financing By

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