9902 Gulf Fwy Houston, TX 77034

Building Details

Year Built

1984

Listing Agency Seth Equities Show Phone

Listed by Rorik Seth · License #TX 9015432

Source Crexi

Added: Mar 8, 2023 Checked: Jul 17 at 2:34 pm

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Investment Insights

Based on property information with market context.

The 136-key Red Roof Inn & Suites near Hobby Airport is available for purchase. The property benefits from multiple revenue streams, including hotel revenue, lease income, and restaurant lease income. The current owner has invested over $600,000 in capital expenditures to renovate the property, including rooms, bathrooms, FF&E, the parking lot, and interior paint. A potential conversion opportunity exists to transform the asset into a dual brand (HomeTowne Studios & Red Roof) to capture additional long-term stays in the Hobby sub-market. Currently, 36 units feature kitchenettes and demonstrate strong occupancy numbers. The property could also be converted to Multi-Family, subject to the City of Houston's entitlement process. Market rents within a 3-mile radius are approximately $859, according to CoStar. The property has approximately 178 parking spaces, meeting the parking requirement. Remaining capital expenditures for Multi-Family conversion would include installing kitchens in the remaining rooms and having the rooms sprinklered.

Key Highlights

• Strong in‑place revenue and NOI with multiple revenue streams.
• Over $600k in recent CapEx renovations to rooms, bathrooms, FF&E, parking lot, and interior paint.
• Conversion opportunity to a dual‑brand hotel to capture extended stays.

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FAQs

What type of property is this?

Hotel - 136-key hotel near Hobby Airport with strong revenue.

Where is this hotel located?

The property is located at 9902 Gulf Fwy Houston, TX.

What is the asking price?

The asking price for this property is $4,700,000.

What are key features of this property?

This property features: Strong in‑place revenue and NOI with multiple revenue streams.; Over $600k in recent CapEx renovations to rooms, bathrooms, FF&E, parking lot, and interior paint.; Conversion opportunity to a dual‑brand hotel to capture extended stays.