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Hotel-Motel

Rodeway Inn Corpus Christi

5224 Interstate 37, Navigation Boulevard, Corpus Christi, TX 78407

Listing Price: $3,900,000

Cap Rate
4.53%
Number of Rooms
100
RevPAR
$15
Price/Room
$39,000
RRM
7.14
Year Built
1975

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 Rodeway Inn Corpus Christi (‘Hotel’ or ‘Property’). The Choice Hotels International-branded Hotel is offered at $3,900,000 or $39,000 per key. The two-story, 100-room Hotel is viewed by over 53,000 vehicles per day from Interstate 37, a major thoroughfare which runs through the heart of Corpus Christi. With easy access to Interstate 37, Hotel residents can visit many leisure and business demand generators. Corpus Christi has a plethora of tourist attractions which bring in over 10.61 million visitors annually, these attractions include 113 miles of Gulf Coast beaches, Texas State Aquarium (6.1 miles away), USS Lexington (6.1 miles), Whataburger Field (3.9 miles), and Selena Museum (1.0 mile). Additionally, Corpus Christi is home to the fifth largest port in the United States (4.6 miles), Naval Air Station (18.5 miles), Texas A&M Corpus Christi (11.9 miles), and Corpus Christi International Airport (4.8 miles). This offering presents a new investor the chance to acquire an opportunistic asset with an excellent location. In 2020, the Hotel underperformed the STR-defined market competitive set and posted RevPAR penetration index of 74 percent. With an experienced operator, the Hotel can expect to achieve increased market penetration and ideal Hotel operations. Current expenses include provisions for a four percent capital replacement reserve. The Hotel is offered fee simple, unencumbered by a management contract or debt.

Investment Highlights

  • 100-Room, Two-Story, Exterior Corridor Hotel with Owner Quarters
  • Priced Below Replacement Costs at $39,000 Per Key
  • Excellent Location and Visibility off Interstate 37
  • Implementation of Improved Revenue Management Will Increase Overall Profitability
  • Strong Historical Revenues | 2017 - $1,027,816 | 2018 - $1,173,208 | 2019 - $1,049,076
  • Onsite Owner's Apartment with 4 Bedrooms and 2.5 Bathrooms

Exclusively Listed By

Listing Price: $3,900,000

Cap Rate
4.53%
Number of Rooms
100
RevPAR
$15
Price/Room
$39,000
RRM
7.14
Year Built
1975

Investment Highlights

  • 100-Room, Two-Story, Exterior Corridor Hotel with Owner Quarters
  • Priced Below Replacement Costs at $39,000 Per Key
  • Excellent Location and Visibility off Interstate 37
  • Implementation of Improved Revenue Management Will Increase Overall Profitability
  • Strong Historical Revenues | 2017 - $1,027,816 | 2018 - $1,173,208 | 2019 - $1,049,076
  • Onsite Owner's Apartment with 4 Bedrooms and 2.5 Bathrooms

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 Rodeway Inn Corpus Christi (‘Hotel’ or ‘Property’). The Choice Hotels International-branded Hotel is offered at $3,900,000 or $39,000 per key. The two-story, 100-room Hotel is viewed by over 53,000 vehicles per day from Interstate 37, a major thoroughfare which runs through the heart of Corpus Christi. With easy access to Interstate 37, Hotel residents can visit many leisure and business demand generators. Corpus Christi has a plethora of tourist attractions which bring in over 10.61 million visitors annually, these attractions include 113 miles of Gulf Coast beaches, Texas State Aquarium (6.1 miles away), USS Lexington (6.1 miles), Whataburger Field (3.9 miles), and Selena Museum (1.0 mile). Additionally, Corpus Christi is home to the fifth largest port in the United States (4.6 miles), Naval Air Station (18.5 miles), Texas A&M Corpus Christi (11.9 miles), and Corpus Christi International Airport (4.8 miles). This offering presents a new investor the chance to acquire an opportunistic asset with an excellent location. In 2020, the Hotel underperformed the STR-defined market competitive set and posted RevPAR penetration index of 74 percent. With an experienced operator, the Hotel can expect to achieve increased market penetration and ideal Hotel operations. Current expenses include provisions for a four percent capital replacement reserve. The Hotel is offered fee simple, unencumbered by a management contract or debt.

Exclusively Listed By

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