Country Inn & Suites by Radisson Portland, TX

1705 North Highway 181 , Portland, TX 78374, US

Execute Confidentiality Agreement

THE OFFERING

HVS Brokerage and Advisory, as the sole and exclusive advisory firm to ownership, is pleased to present the opportunity to acquire the 54-key Country Inn & Suites by Radisson, a limited-service hotel asset in Portland, Texas. Portland is situated in San Patricio County along the Gulf of Mexico, across the bay from Corpus Christi, and is anchored by the oil and gas, petrochemical, and manufacturing industries. The hotel is currently owner-operated and will be sold without management encumbrances. The property is in very good physical condition, and the potential exists for a rebranding to the Spark by Hilton brand, the newest addition to the Hilton portfolio. The hotel offers an opportunity for increased NOI flow-through through cost-saving initiatives, yield-management strategies, revitalizing the sales and marketing initiatives, and regaining a competitive advantage.

Corpus Christi

Submarket

Value-add

Investment Type

54

Keys

2017

Year Built

$85.49

Average Daily Rate

56.6%

Occupancy

$48.43

RevPAR

Financials as of Running 12 Month, Ending Dec 2022

PROPERTY HIGHLIGHTS

Excellent Location Among Strong Corporate & Leisure Demand Generators

  • The property is conveniently located off U.S. Highway 181 and within a mile of Northshore Cinema 8, Portland Aquatics Center, and various restaurants, and within ten miles of popular attractions such as the USS Lexington Aircraft Carrier Museum, Texas State Aquarium, American Bank Center, Whataburger Field, and the Corpus Christi Museum of Science and History.

  • The property is located a short 20-minute drive from Corpus Christi International Airport and Downtown Corpus Christi.

Dynamic Economic Growth & Investment Opportunities in Portland

  • The local government is highly supportive of businesses and actively working toward expansion, particularly in the petrochemical industry, creating significant investment opportunities.

  • The city is anchored by a $38-billion industrial investment, leading to increased commercial growth and economic opportunities, including a new approved retail development at U.S. Highway 181 and Broadway Street.

  • The city is experiencing an average of 17.0% growth every year, leading to a potential reduction in the tax burden for residents.

  • Despite its growth, the city is committed to maintaining a strong sense of community, with a focus on preserving its parks and green spaces.

Absentee Owned with Operational Upside

  • The property is currently absentee owned and has great potential for a more “hands-on” owner/operator to restructure operations and maximize profitability.

  • According to the December 2022 trailing-twelve-month (TTM) monthly STR report, the hotel ranked fifth in terms of occupancy, average daily rate (ADR), and RevPAR, leaving major room for improvement and increased competitiveness among other hotels in the area.

Potential to Rebrand with Spark by Hilton

  • A new investor would benefit from operating a franchise of one of the world's leading hospitality companies, Hilton, should new ownership choose to rebrand.

  • Spark by Hilton offers a fresh brand image and the benefits of a well-established hospitality company.

  • Every Hilton-affiliated hotel and resort benefits from the unique system of innovative solutions and advanced technologies, known as the Hilton Performance Advantage. The Hilton Performance Advantage delivers leading-edge support to consistently drive profits and efficiencies. It is a powerful resource for owners and operators, unrivaled in the industry.

Discount to Replacement Cost

  • The property is available at a discount to its replacement cost, presenting a cost-effective investment opportunity.

  • To construct a similar asset with comparable amenities, the estimated all-in investment would be a minimum of $125,000 to $150,000 per key. The higher costs are due to the scarcity of available land and limited franchise options in Portland, Texas.

Unencumbered by Management Agreement

  • The property is being offered fully unencumbered by a management agreement.

Seller Financing Available

  • Seller financing is available to a qualified buyer that has a strong background in hotel operations. Please contact the deal team regarding credit approval.


MAP

CONTACT US

Investment Sales Contacts

Andrew Frosch

Senior Vice President, Brokerage & Advisory
HVS
Houston
+1 (713) 955-0138
afrosch@hvs.com

Joseph Manuel

Vice President, Brokerage & Advisory
HVS
Houston
+1 (713) 955-0139
jmanuel@hvs.com

Kyle Peterek

Senior Associate, Brokerage & Advisory
HVS
Seattle
+1 (206) 259-7150
kpeterek@hvs.com