Hotel Auction Kicks Off December 9th: Grab Your Chance to Own Prime Properties in San Antonio TX, Memphis TN, and Merrillville IN
Register now for this unique opportunity to acquire assets in key hospitality markets.
An auction of hotel properties in Indiana, San Antonio, TX, Memphis, TN, and Merrillville, IN, is scheduled to start on December 9th. Potential bidders are encouraged to register now to acquire assets in these key hospitality markets.
In San Antonio, two lender-owned properties are up for auction. The Courtyard by Marriott, a 78-room hotel, offers an opportunity for repositioning with several strong brand options. The San Antonio Airport’s REVPAR is up 2 percent, making this an appealing opportunity for owner-operators. The second property, the Fairfield Inn and Suites, is underperforming compared to its competitors, operating at just 77 percent of the REVPAR Index, according to the September 2024 STR Report. Both properties are located near the San Antonio Airport, which saw over 10 million passengers in 2023 and is expected to see continued growth with the addition of three new airlines—JetBlue, Spirit, and Viva Aerobus.
In Merrillville, Indiana, a 176-room portfolio will be auctioned on December 11th through Crexi. The portfolio includes the 112-room Fairfield Inn & Suites and the 64-room Hampton Inn. Both properties are lender-owned, unencumbered by debt and management, and offer potential investors the chance to acquire a core Marriott- or Hilton-branded asset, respectively. These hotels are strategically located in the US Highway 30 Merrillville commercial corridor and are readily accessible to an average of 60,000 passing vehicles daily.
The 230-room Crowne Plaza Memphis Downtown is also up for auction. The hotel is currently under receivership and is ideally located near the Renasant Convention Center and the Cannon Center for the Performing Arts. It is also only a mile away from the famous Beale Street. However, as of September 2024, the hotel has underperformed in RevPAR, ranking 7th out of 8. The Hotel’s RevPAR has also dropped 17% year-over-year, highlighting the need for guestroom renovation and new management. This offers a significant value-add opportunity for potential buyers to improve performance through a strategic renovation and an aggressive sales and marketing campaign.
For more information and to register for the auction, visit Crexi.
Categories: Other