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Hotel-Motel

Proposed Tapestry Hotel Midland

112 S Loraine St, Midland, TX 79701

Listing Price: Request For Offer

Number of Rooms
93
RevPAR
$81
Year Built
1927

Investment Overview

High-Quality Asset in Exceptional Condition: The Proposal Tapestry by Hilton Midland will be an upscale hotel that will feature up to 93 spacious guest rooms and several amenities such as a fitness room, business center, market pantry, onsite gastro pub, and 600 sq. ft. of meeting space. The property is a six-story office building located in the heart of downtown Midland, Texas.

Strategic Airport Location: The Midland International Air and Space Port, situated 10.8 miles away, is the only major airport in the region and ranked eighth in Texas for commercial service.

Located in the Permian Basin: 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 account 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.

Prominent Submarket: The twelve-month RevPAR in the Midland & Odessa hotel submarket was up sharply as of June and climbed at a 27.9 percent year-over-year rate.

City of Midland Convention Center: Located 0.1 mile from the Property, the Barbara & George H.W. Bush Convention Center sits in the heart of downtown Midland, Texas. It is the premier venue for hosting various events, from birthdays and weddings to trade shows and conferences. It’s also convenient that hotels are nearby and there are plenty of parking spaces within walking distance of the Center.

Tapestry Conversion Opportunity: Tax abatements and incentives plus property tax abatements available - please contact agent. The property also has the opportunity for an onsite upscale bar and grill / upscale gastro pub / upscale steakhouse with a separate street front entrance, which can be a significant income generator with food and alcohol sales in the downtown area.

Parking: Parking spots (valet parking) exclusive to the hotel and restaurant guests available making it an attractive proposition for downtown markets.

Investment Highlights

  • High-Quality Asset in Exceptional Condition
  • Strategic Airport Location
  • Located in the Permian Basin
  • Prominent Submarket
  • City of Midland Convention Center
  • Tapestry Conversion Opportunity

Exclusively Listed By

Financing By

Hotel-Motel

Proposed Tapestry Hotel Midland

Listing Price: Request For Offer

Number of Rooms
93
RevPAR
$81
Year Built
1927

Investment Highlights

  • High-Quality Asset in Exceptional Condition
  • Strategic Airport Location
  • Located in the Permian Basin
  • Prominent Submarket
  • City of Midland Convention Center
  • Tapestry Conversion Opportunity

Investment Overview

High-Quality Asset in Exceptional Condition: The Proposal Tapestry by Hilton Midland will be an upscale hotel that will feature up to 93 spacious guest rooms and several amenities such as a fitness room, business center, market pantry, onsite gastro pub, and 600 sq. ft. of meeting space. The property is a six-story office building located in the heart of downtown Midland, Texas. Strategic Airport Location: The Midland International Air and Space Port, situated 10.8 miles away, is the only major airport in the region and ranked eighth in Texas for commercial service. Located in the Permian Basin: 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 account 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. Prominent Submarket: The twelve-month RevPAR in the Midland & Odessa hotel submarket was up sharply as of June and climbed at a 27.9 percent year-over-year rate. City of Midland Convention Center: Located 0.1 mile from the Property, the Barbara & George H.W. Bush Convention Center sits in the heart of downtown Midland, Texas. It is the premier venue for hosting various events, from birthdays and weddings to trade shows and conferences. It’s also convenient that hotels are nearby and there are plenty of parking spaces within walking distance of the Center. Tapestry Conversion Opportunity: Tax abatements and incentives plus property tax abatements available - please contact agent. The property also has the opportunity for an onsite upscale bar and grill / upscale gastro pub / upscale steakhouse with a separate street front entrance, which can be a significant income generator with food and alcohol sales in the downtown area. Parking: Parking spots (valet parking) exclusive to the hotel and restaurant guests available making it an attractive proposition for downtown markets.

Exclusively Listed By

Financing By

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