Avid Midland 2308 E Interstate 20

High-Quality Asset in Exceptional Condition: The Avid Hotel Midland is a midscale hotel featuring 89 spacious guest rooms and several amenities such as a fitness center, convenience store, breakfast room, and business center. The Property is a four-story interior corridor hotel located in Midland, Texas.
Strategic Airport Location: The Midland International Air and Space Port, situated 14 miles away, is the only major airport in the region and ranked eighth in Texas for commercial service.
Located in The Permian Basin: The Permian Basin Oil Field supports the region’s economy and houses the most lucrative oil field in the United States — the Mid-Continental Oil Field. In Texas alone, the Mid-Continental Oil Field has approximately an estimated 190 billion barrels of oil. According to the Federal Reserve Bank of Dallas, not only does the greater Permian Basin accounts for 40 percent of all oil production in the United States, but also 15 percent of its natural gas production. Midland is the
corporate headquarters for over 20 energy firms that primarily focus on the Permian Basin. Energy firms such as Anthem Oil & Gas, Anadarko, Apache, Baker Hughes, Chevron, Conoco Phillips, Occidental Petroleum, Diamondback Energy, and Halliburton Energy are all located less than 10 miles from the Property.
Prominent Submarket: The twelve-month RevPAR in the Midland & Odessa hotel submarket was up sharply as of June and climbed at a 27.9 percent year-over-year rate.
Clean Offering: The Property is Fee Simple Real Estate and clear of existing management and financing contracts.