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2502 Loop 306 San Angelo, TX 76904

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For Sale
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Non-performing note secured by a 100-room hotel in Texas.

Property size:
50,688 SF

Property Features for 2502 Loop 306

General Information

Size
50,688 SF

Building Details

Year built
1986

Source: Jeff Azuse Agent Jeff Azuse

Displayed information is deemed reliable but is not guaranteed and should be independently verified.


Overview

Rodeway Inn Note For Sale

The Bank Note on the 100-room Rodeway Inn in San Angelo, Texas, is available for acquisition. This offering involves the sale of a non-performing note. The hotel features leased restaurant and lounge outlets that generate additional income. The note, with a par value of $3,965,000, matures on 5/28/2019. As of the week of 1/7/19, a foreclosure process has been initiated, and an acceleration letter was mailed. The principal balance is $3,720,833.51, plus accrued interest; the 10/28/2018 payment is 74 days past due. The Rodeway Inn San Angelo is an economy hotel with 100 exterior corridor units, located off Loop 306. It provides convenient access to Angelo State University, San Angelo Community Medical Center, Sunset Mall, and Goodfellow Air Force Base. The property is less than seven miles from Mathis Field Airport and minutes from downtown San Angelo and the historic district. Constructed in 1986, the hotel has been maintained in excellent condition and recently renovated to include new case goods, carpet, vanity counter tops, flat panel televisions, and new lighting packages in all guest rooms. The property size is 50688 square feet. The attached lounge and restaurant are leased to third parties, providing continuous rental income. Gross revenue for 2017 was $931,726. Bank financing is available with 15% down for qualified buyers.
Property Profile Insight Report Location Intelligence

Current Use by Public Records

Hotels

Suggested Use

Realty agency Building Supply Spa & Massage Auto Repair Shop Hair Salon Nail Salon Hotel & Motel Storage Facility Grocery Store Car Rental

Zoning and permitted uses should be independently verified with local authorities.

Location Insight

  • Map
  • Local Demand
City
San Angelo
County
Tom Green
State
Texas
Longitude
-100.374251
Latitude
31.438498

FAQs

What type of property is this?
Hotel - Non-performing note secured by a 100-room hotel in Texas.
Where is this hotel located?
The property is located at 2502 Loop 306 San Angelo, TX.
What are key features of this property?
This property features: - Opportunity to acquire a non-performing note on a 100-room Rodeway Inn in San Angelo, Texas.; - Hotel includes leased restaurant and lounge outlets generating additional income.; - Foreclosure process has been initiated.
More about this property
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