Magnuson Grand Hotel & Conference Center

Transcription

1 Unique Investment Opportunity With Upside Potential 106 Rooms (159 Potential) Tyler, Texas INVESTMENT HIGHLIGHTS Sale Price: $3,350,000 $2,650,000 Offered at $25,000 per Room One of Two Full Service Hotel & Conference Centers in Tyler. 69,417 SF GBA in Four Buildings (51,671 SF GBA in Operation) 106 Rooms and Main Building Renovated in Potential: 159 Rooms Total) 6.08 Acre Manicured Site Upside Opportunity: ADR: $69.55 RevPAR: $34.77 SITE INFORMATION 3310 Troup Highway, Tyler, TX Located off Troup Hwy and SSE Loop 323 in Southeast Tyler, Smith County, Texas. Convenient and Easy Access Close Proximity to Nearby Hospitals, Universities, Entertainment and Restaurants For More Information, Contact: Matt Coale, CCIM (903) , ext. 125

2 Property Overview The Magnuson Grand Hotel & Conference Center ( The Property ) is one of two well established full-service hotel & conference centers servicing the Tyler area. Renovated in 2014, The Property is a four-building hotel complex situated on a large 6.08-acre site. The Main Building is one-story and consists of a lobby, offices, restaurant, kitchen, bar, and approximately 8,000 SF of ballroom and conference rooms. The other three buildings are two-story and consist of approximately 69,417 SF GBA, or approximately 159 rooms. Presently, only 106 rooms in two of the three buildings are operational, or approximately 51,671 SF GBA. The Property s current performance: Occupancy 36%, ADR - $69.55, RevPAR - $ Location The Property is located just off Troup Hwy and SSE Loop 323 in Southeast Tyler, Smith County, Texas. The Property s physical address is 3310 Troup Hwy, Tyler, TX The Property s site is a back tract of the Southeast Crossing development. Common access lanes service the main entrance to The Property off Troup Hwy and Golden Road. The Property also has approximately feet street frontage along Old Troup Hwy. The Property is in close proximity to restaurants, entertainment, nearby hospitals, medical clinics, universities, and is well located for easy and convenient access for business travelers. Zoning The Property has a mixed zoning classification with a C-1 (Commercial) zoning on the north ½ and a PMXD1 (Planned Mixed Use Development) on the south portion of the approximately 6.08-acre site. No apparent flood plain influences the site. Construction The four building complex is of concrete and cinder block with brick exterior construction with flat roofs and poly membrane cover. Built in 1984 and initially operated as a Holiday Inn, the total GBA is approximately 69,417 SF. In 2014, renovations were made to the exterior, including a new poly membrane roof on all buildings. Interior renovations (to all but one of the buildings that houses 53 rooms) was also made, including quality furniture and fixtures acquired from Gaylord Texan Resort & Convention Center. Investment Opportunity Offered at $3,350,000 $2,650,000 (or $25,000 per Room), and with average occupancy at 36% and one building (53 rooms) not in operation, the Property presents a unique opportunity for new ownership to capitalize on future room revenue growth from overnight housing. The expanding hospital district (comprised of five hospitals, nursing school, and several clinics) is approximately 2 miles (5 min drive) from the Property. Also, in close proximity to the Property are the growing college campuses of the University of Texas at Tyler at 2.5 miles (8 min drive) and Tyler Junior College at 2 miles (5 min drive). As an alternative to hotel overnight housing, with growing housing demand for the university population in Tyler, the Property could be easily transitioned into residential housing.

3 Location Map

4 Plaza Tower 110 N. College Avenue, Tyler, TX Property Photos

5 Property Photos

6 Property Photos

7 Site Plan & Buildings D B D B C A C A A Main Building B 53 Hotel Rooms C 53 Hotel Rooms D 53 Hotel Rooms (Not in Use) Site: 6.08 Acres

8 Area Map

9 Area Traffic Counts

10 Select Demographics (1 Mile)

11 Select Demographics (3 Mile)

12 Select Demographics (5 Mile)

13 Magnuson Grand Hotel & Conference Center