Candlewood Suites Galveston 808 61st St

83 Room Hotel Galveston, TX 77551 £5,989,634 (£72,164/Room) 10.45% Net Initial Yield

INVESTMENT HIGHLIGHTS

  • Ideal opportunity for a new investor to benefit from a recently renovated asset with strong historical cash-flows in the growing Galveston market.
  • Priced at a 10.4% cap rate based on the 2024 YE NOI of $773,000 (rounded).
  • An investor can expect a new, long-term franchise agreement with IHG.
  • The hotel’s rooms revenue for in 2024 equated to $1,830,000 (rounded)—a 14.1% increase compared to last year.
  • Given the recent renovations, a minimal change-of-ownership PIP is expected. The seller’s PIP completion letter can be found in the deal room.
  • The property is strategically located at the I-45 and 61st Street interchange; I-45 is a major thoroughfare for those traveling to Galveston Island.

EXECUTIVE SUMMARY

For more information, please visit the HVS marketing website to electronically execute the confidentiality agreement and get access to the Virtual Deal Room (VDR): https://brokerage.hvs.com/listing/?id=150899
HVS Brokerage & Advisory, as the sole and exclusive advisory firm to Ownership, is pleased to present the opportunity to acquire the 83-key Candlewood Suites Galveston, a recently renovated, extended-stay hotel asset in Galveston, Texas. A new investor will have the opportunity to realize the significant upside of acquiring a recently renovated extended-stay hotel in a historically robust leisure market.

PROPERTY FACTS

Price £5,989,634
Price Per Room £72,164
Sale Type Investment
Net Initial Yield 10.45%
Property Type Hospitality
Property Subtype Hotel
Building Class B
Lot Size 1.47 AC
Building Size 41,232 SF
No. Rooms 83
Number of Floors 3
Year Built/Renovated 2008/2020
Parking Ratio 2.01/1,000 SF
Corridor Interior

AMENITIES

  • Business Centre
  • Fitness Centre
  • Pool
  • High Speed Internet Access
  • Patio
  • Meeting Event Space
  • Public Access Wi-Fi
  • Fully-Equipped Kitchen

ROOM MIX INFORMATION

DESCRIPTION NO. ROOMS DAILY RATE SF
Suite 83 £156.22 -

PROPERTY TAXES

ZONING

Zoning Code S (Commercial (NEC))
  • Listing ID: 34505228

  • Date on Market: 16/01/2025

  • Last Updated:

  • Address: 808 61st St, Galveston, TX 77551