26147 Us-70 Ruidoso Downs, NM 88346

Property Details for 26147 Us-70

Year built

2007

Lot size

1.50 lot acres

Property type

Casinos

Property subtype

Hospitality properties

Description

This exceptional investment opportunity presents the fee-simple ownership of the La Quinta Inn & Suites by Wyndham in Ruidoso Downs, New Mexico. This 63-key hotel, built in 2007 and extensively renovated in 2023, boasts a prime location along US-70, attracting travelers on State Route 48 and 70. The property features an interior corridor design, offering guests convenient access to amenities including a complimentary breakfast, business center, indoor pool, and fitness center. The hotel sits on a 1.5-acre lot and is a three-story building. With a current occupancy rate of 54%, projected to reach full occupancy by October 30, 2024, this property generates a substantial net operating income (NOI) of $539,300, resulting in an attractive 10.57% capitalization rate. The asking price is $5,100,000. Ruidoso Downs, nestled in the Sierra Blanca Mountain range, is a popular tourist destination known for its natural beauty, recreational opportunities, and proximity to the Ruidoso Downs Race Track and Ski Apache. This is an absentee-owned and operated property, with a motivated seller, making it an ideal acquisition for investors seeking a strong return on investment in a desirable location. The property is the only Wyndham-branded hotel in its competitive set and boasts a RevPar index of 101.6%. The recent renovation included minor transfer PIP work.

Location Insight

City

Ruidoso Downs

County

Lincoln

State

New Mexico

Longitude

-105.622

Latitude

33.3265