Best Western Corpus Christi Airport
HVS Brokerage & Advisory, as the sole and exclusive advisory firm to ownership, presents the opportunity to acquire the 104-key Best Western Corpus Christi Airport, a limited-service hotel asset in Corpus Christi, Texas. With several large refineries and chemical plants in the area, the Port of Corpus Christi is a major crude-oil refinery hub that handles the top petroleum commodities, creating significant demand for hotels in the region. Overall, the property’s location offers easy access to multiple demand generators in the area, positioning it as an attractive option for business and leisure travelers visiting the region.
Discount to Replacement Cost
This opportunity presents an investor with the ability to acquire the property at a price well below replacement cost at $78,846 per key.
Significant Upside for a New Operator to Improve Performance
The hotel experienced a substantial revenue increase from 2022 to 2023, with rooms revenue rising from $1,269,319 to $1,874,232, reflecting a notable increase of 47.6%.
Per the December 2023 STR data, the hotel ranked sixth and seventh among seven competitive hotels in terms of occupancy and average daily rate (ADR), respectively, having registered a RevPAR penetration index of 73.5%. A savvy operator should be able to enhance the hotel’s performance and recapture demand from both leisure and corporate travelers.
If the hotel were to match the competitive set’s current RevPAR of $67.15, rooms revenue would equate to $2,549,014.
Renovation Highlights
Current ownership invested $3 million in property upgrades and renovations over the last few years, surpassing Best Western standards. The hotel now offers a Starbucks coffee machine in the lobby, as well as a selection of beers. Complimentary shuttle service to the airport is also provided.
Best Western Award-Winning Excellence
The hotel was the proud recipient of the Chairman’s Award for Quality Assurance in its inaugural year. This recognition is reserved for properties whose quality assurance score ranks in the top 5.0% nationally based on criteria such as cleanliness and overall condition.
New franchisees benefit from an automatic franchise transfer agreement, simplifying the transition and inheriting the existing membership agreement from the current owner, which comes with the added benefit of pre-established lower royalty payments.
Excellent Location Among Leisure and Demand Generators
Situated in an excellent location, the property benefits from proximity to major leisure attractions such as Padre Island, Mustang Island, Downtown Corpus Christi, Hurricane Alley Waterpark, the Texas State Aquarium, and the USS Lexington.
Moreover, the hotel stands as a prime choice for both business and leisure travelers, strategically situated approximately four miles from Corpus Christi International Airport.
Prominent contributors to lodging demand include well-respected institutions such as Del Mar College, Texas A&M University-Corpus Christi, CHRISTUS Spohn Health System, Corpus Christi Medical Center Doctors Regional, and the Naval Air Station Corpus Christi.
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