Four Points by Sheraton Williston in Williston, ND Listed For Sale
Four Points by Sheraton Williston
Tremendous Upside Opportunity in the Bakken Shale Region of North Dakota
CBRE Hotels offers the opportunity to acquire the 100-room Four Points by Sheraton Williston Ð a premium branded Marriott hotel located in the Bakken Shale region of western North Dakota. ÊÊThe economy of the Williston area continues to thrive post-Covid, with local economic indicators showing consistent growth over the last few years.
The 10-year old Four Points Williston offers tremendous upside opportunity for a new owner. After years of operating challenges, ownership hired their first professional management company to run the hotel in the middle of 2023, which has led to growing revenue, although the property significantly underperforms its competitive set in terms of RevPAR. The hotel is offered unencumbered of management, offering complete flexibility for new ownership.
The Four Points by Sheraton Williston offers several competitive advantages over area hotels. The Four Points is the only Marriott branded hotel in Williston and benefits from its affiliation with Marriott and the Marriott Bonvoy loyalty program.Ê The hotel is also among the closest to the Williston Airport which opened in 2019.Ê The property’s approximate 1,400 square feet of meeting space also provides an advantage that allows the hotel to drive additional room night demand.
A small on-site bar/restaurant space off the lobby has been closed in the evenings for over a year, but is expected to reopen soon, providing an additional amenity for guests.Ê The indoor swimming pool has been closed for several years in need of repair.
With absentee ownership living outside of the country, the Four Points offers tremendous upside for a new investor.
Investment Highlights
Deep Discount to Replacement Cost
The 10-year old hotel is being offered at a price that is a fraction of replacement cost.
Excellent Location in the Middle of the Oil and Gas Businesses
The Four Point’s location provides excellent highway accessibility, with ease of access to the area’s major oil and gas companies.Ê The Williston Airport is 15 minutes from the hotel, and the center of Williston is a brief 5 minute drive.
New Restaurant Opening Next Door
After several years of vacancy, the restaurant building next door to the hotel will be reopening this spring, providing guests an important amenity.
Strong RevPAR Growth
The Four Points achieved an impressive 15% RevPAR growth of 2023, but still underperforms its competitive set at a 55% RevPAR index.
Nearly 50% Executive Suites
Almost half of the hotel's 100 rooms are 487-sq. ft.Êexecutive suites with a larger kitchenette area.
Only Marriott Branded Hotel in the Market
The Four Points is the only Marriott branded hotel in the market, and benefits from its association with the award-winning guest loyalty program (Marriott Bonvoyâ„¢), which currently boasts more than 177 million members worldwide and over 30 brands.
New and Growing Airport
A new airport opened in Williston in 2019 to handle the increase in activity in the market.Ê Enplanements increased 23% in 2023 in Williston, and January 2024 activity was up over previous year, nearly reaching the level achieved pre-Covid.
Recent Change in Management
After being self operated for many years by ownership that lives outside the country, a management company was brought in to operate the hotel during 2023.ÊImmediate revenue and profitability improvements have been recognized.Ê A new owner will have the opportunity to build on their success as the hotel continues to underperform the market.
New $2+ Billion Project Under Development
Cerilon GTL is building a $2+ billion plant in Williams County to convert natural gas to liquified synthetic oil products.Ê The plant will begin construction in 2025 and provide 1,000 construction jobs and nearly 100 permanent jobs in the community.Ê It is considered among the largest commercial developments in North Dakota history.
Absentee Ownership
The owner is the original developer of the hotel and is based outside of the country, rarely visiting the hotel.
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