Apr 22, 2019 — This hotel is an excellent turnaround opportunity for an operator looking to cash in on an upcoming 134 acre urban development that will be the largest of its kind in the city. This development will be a combination of retail, residential, office, and recreational space. The location is conveniently placed at a freeway exit heading toward the State Capitol.
As a 90-unit hotel, this 50,000 square feet building sits on 4.67 acres and offers larger than usual rooms at competitive prices. Each unit offers a private patio or balcony, in-room mini-refrigerator and microwave, complimentary WIFI, corporate meeting rooms, and discount packages for longer stays. The entire complex has been renovated recently and furniture and other inventory replaced with flag-hotel quality products.
Optionally, a 3000 square foot conference room is located next to the hotel and may be included in the acquisition for an additional 350,000. This standalone facility rents for private or public events and requires little supervision for management. With an update of the interior, the large open space can have multiple uses.
This acquisition can be approached as going concern or as an opportunity for redevelopment. There are several options for redevelopment, from a complete tear down and rebuild into a multi-level, multi-purpose complex aligned with the larger urban development across the street, to a partial partitioning for placement of food establishments serving hotel guests and the 20,000-car traffic on this busy boulevard centrally located in OKC.