Wingate by Wyndham Galveston East Beach Hotel in Galveston, TX Listed for Sale
CBRE Hotels solicits offers to acquire the fee-simple interest in the corporate-owned Wingate by Wyndham in Galveston, Texas. Located directly across the street from the beach and Galveston Seawall, the hotel is within minutes from the aquarium and rain forest pyramids at Moody Gardens, Galveston Island Historic Pleasure Pier, the Port of Galveston, Galveston Island Convention Center, and UTMB Health. Thanks to its prime location, the 119-room hotel receives business from a diverse population of both business and leisure segments.
Investment Highlights
- Ideally Located Wingate by Wyndham – Opportunity to acquire a 119-room, three-story, exterior corridor, corporate-owned, Wingate by Wyndham that is ideally located directly off Seawall Boulevard and East Beach. Most of the rooms have ocean view.
- Denny’s Restaurant Included – The net leased Denny’s restaurant, located next to the hotel, is included in the offering.
- Significant Upside – Though being the best located hotel in the comp set, the property underperformed the nearby Quality Inn & Suites by around $35 and Baymont Inn & Suites by $32 in 2023. This project presents significant potential for a more hands-on operator to drive RevPAR growth and NOI through more focused revenue management strategies.
- PIP Cap – Per Section 18 of the Wyndham Franchise Agreement, there is a favorable PIP cap in place that is transferable to the Buyer. Following this capped PIP, there is then a 6 year PIP holiday.
- Diverse Demand Drivers – The hotel is strategically located minutes away from the area’s major demand generators, including Galveston Island Historic Pleasure Pier, UTMB Health – University of Texas Medical Branch, Galveston Island Convention Center, Texas A&M University, Scholes International Airport, and Martin Midstream.
- Strong Market – Galveston is a unique city whose economic engine is driven by tourism and hospitality, education, health care, research and maritime industries. The city’s diverse economy and robust workforce make it an ideal location for business development. With public infrastructure improvements in the works and expansions in these industries expected in coming years, the economic outlook of the area will continue to be strong and prosperous.
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