RealINSIGHT Marketplace and Paramount Lodging Advisors are pleased to present for sale the Quality Suites Midland, TX located on N Garfield Street, a few blocks off of Loop 250, one of Midland’s busiest highways that traverses the northern part of the city. Midland’s population increased by approximately 13% in the past five years making it one of the fastest growing cities in Texas. Anadarko and Weir’s recent headquarter relocation announcement to Midland is driving domestic migration for oil and gas employment opportunities. Other corporate expansion in the region has assisted in driving unemployment to new five-year lows of only 2.6%, which is approximately 110bps below Texas state levels.
The Quality Suites has 63 rooms with full, in-suite kitchens including refrigerator, microwave, dishwasher, cooktop, dishes, cookware and utensils. The Subject also has an outdoor pool, free Wi-Fi, a full complimentary breakfast and 750 sq ft of meeting space. The occupancy rate is competitive compared to sales comps in the area at 73.8% and RevPAR increased by double digits in the most recent 12-month period.
There remains considerable operational upside with the asset under receiver control since July 2017. Foreclosure was completed in December 2017.
Property Tour and Contact Detail Information:
Property tours are available by appointment as per dates are shown below. Please contact the listing broker to schedule a tour of the property.
To learn about financing options please contact PETE FEHLMAN at (469) 232-1920, or firstname.lastname@example.org.
MARKET LEADING MORTGAGE BANKING FIRM
HFF is a leading mortgage banker in the U.S. and, as such, negotiates more debt transactions than any other intermediary
RANKED AS A TOP INTERMEDIARY BY NATIONAL REAL ESTATE INVESTOR 5 YEARS IN A ROW
Summation of HFF MBA Rankings (2016): Rankings are based on dollar volume placed with the various sources of capital
Disclaimer: The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions.
Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace, (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property.
You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.
4706 Garfield Street, Midland, TX 79705
Platform fee for this transaction is 5.00% or a minimum of $25,000.