Bank-Owned (REO) Hotel Asset

• The asset was taken over by the lender in October 2024.

• The hotel is currently third-party managed and will be delivered unencumbered by a management agreement.

Ideal Opportunity for Owner/Operator

• The 80-key count is considered an ideal size for an owner/operator.

• Per the December 2024 STR report, the hotel ranked seventh (out of eight) among its competitors for year-end RevPAR, showing tremendous room for improvement.

Recently Renovated Property with Minor PIP Expected

• Over the last six months, the lender has spent major capital to convert the hotel to a Ramada by Wyndham; updates have included new carpet, fresh paint, new signage, and exterior work.

• Given the recent renovations, a minor change-of-ownership property improvement plan (PIP) is anticipated.

Consistent Rooms Revenue Trend

• From 2020 through 2023, the hotel earned a stable rooms revenue average of $1,053,000 (rounded), reflecting a steady capture of demand.

• Based upon HVS’s pro-forma projections, stabilized rooms revenue is anticipated to surpass $1,120,000 ($38 RevPAR), with a net operating income (NOI) flow-through of $355,000 (rounded).

Excellent I-44 Location Along State Highway 240

• The property benefits from excellent visibility and accessibility given its location along State Highway 240/Sheppard Road, just east of I-44.

• Burkburnett is currently planning a Downtown revitalization project within two miles of the property.

• As the only lodging facility in Burkburnett, the hotel will benefit from the additional growth and development occurring in the area and will be well suited to achieve its competitive market positioning and capture high-rated transient and commercial demand.

• Leisure demand generators in the Wichita Falls area include The Museum of North Texas History, Professional Wrestling Hall of Fame, Lucy Park, Lake Wichita, Comanche War Pony Casino, Kiowa Casino, and Comanche Red River Casino.

Greater Wichita Falls Highlights

• The city of Burkburnett is located on the Texas/Oklahoma border, roughly 13 miles north of Wichita Falls, Texas.

• The Wichita Falls economy is diversified among the healthcare, military, and education sectors, as well as the manufacturing industry.

• Wichita Falls' largest employer, Sheppard Air Force Base, hosts the 80th Flying Training Wing and is the site of the EURO-NATO Joint Jet Pilot Training Program.

• Midwestern State University in Wichita Falls is the state’s only public institution focused purely on liberal arts.

• Vitro Architectural Glass, a solar-glass manufacturer, has announced a $300-million expansion of its facility (located between Wichita Falls and Burkburnett), with plans to create nearly 300 new jobs.

• Several projects and developments are taking shape in Wichita Falls, as detailed in the market overview in the Offering Memorandum for this property.