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Investment Highlights:

 

  • Fee simple interest in the bank-owned, 63-room Quality Suites Midland offered at a fraction of replacement cost
  •  Property offered for sale through Real Insight Marketplace in the February 15th auction
  • Moderate change of ownership PIP expected due to the recent rebranding to Quality Suites
  • Significant operational upside with property being under receiver control since July 2017
  • Direct access to the Loop 250 / North Garfield Street interchange with upwards of 55,000 vehicles passing the location daily 
  • Optimal location in the heart of North Midland within minutes from Midland College, Scharbauer Sports Complex, Midland Memorial Hospital, Concho Resources, and downtown Midlan
  • Proximate to all broader Midland demand including Midland International Air & Space Port, Dawson Geophysical, Baker Hughes, and Warren Equipment Company
  • Over the past five years Midland has been one of the fastest growing cities in Texas with approximately 13% population growth and an expected additional 2.5% job expansion forecast for the coming five years


Investment Overview:


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 cityMidland’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.

  • Wednesday, January 31st  from 9 AM to 5 PM.
  • Thursday, February 1st from 9 AM to 3 PM.

Auctioneer: Lamar Paul Fisher - License Number: 10344
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FINANCING CONTACT

To learn about financing options please contact PETE FEHLMAN at (469) 232-1920, or pfehlman@hfflp.com.

 

 

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

 

  • Significant experience across the entire capital stack
  • Unparalleled capital markets knowledge
  • Development of the most creative financing strategies
  • Leading market share with insurance companies at approximately 20% market share
  • Long established relationships with insurance companies, investment banks, foreign and domestic banks, agencies and pension funds
  • Provide clients with the most competitive terms and most reliable executions

 

 

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

 

  • #1 for insurance companies since 2008
  • #2 for credit companies
  • #2 for CMBS
  • #3 for Fannie Mae
  • #3 for REITs/mortgage, REITs/Investment Funds
  • #4 for commercial banks/savings institutions
  • #4 for pension funds

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.

Quality Suites Midland

4706 Garfield Street, Midland, TX 79705

Sold

Asset Snapshot

  • Asset Type
  • Real Estate
  • Hospitality Type
  • Limited Service
  • Property Size
  • 63 Rooms
  • Function Space Area
  • 750 Sq Ft
  • Land Area
  • 1.51 Acres
  • Year Built
  • 1998
  • Number of Floors
  • 2
  • Number of Buildings
  • 1
  • Parking Count
  • 71
  • Platform Fee

    Platform fee for this transaction is 5.00% or a minimum of $25,000.