|SQ. FT. Available||114,944|
197 Key Dual Hotel Property located immediately east of State Line Avenue on the north side of 51st Street (I-30 Service Road), Texarkana, Miller County, Arkansas
Ramada and Travelodge by Wyndham are together available for sale as a package deal in Texarkana, Arkansas. The property has been split into two hotels with the east wing now operating as a Travelodge Inn & Suites (2 story building) while the west part recently reopened as a Ramada Inn & Suites (4 story building). The property was built in 1970 as a full service Holiday Inn and later was converted to Clarion. (Wyndham Worldwide is the biggest hotel chain in the world by the number of hotels, having 20 brands, 9,000+ hotels in 80+ countries found on six continents.
The Ramada is a 152 room, full service, interior corridor hotel (currently 110 rooms rentable on 1st, 2nd, and 3rd floors). The four-story hotel was built in 1970 and just recently underwent a complete renovation in 2018/19. The hotel design was complete by the Hotel Makeover team. Around $2 Million was spent to renovate the beautiful hotel. The hotel features a 24,000 SF atrium with recreation, lobby, restaurant/lounge, offices, three conference rooms and service areas that connects to the adjacent 45 room Travelodge hotel. Both hotels are operating now. Current ownership is absentee and the property is currently being overseen by a local GM, and is unencumbered by management. This investment provides an owner operator the opportunity to purchase the hotel below replacement cost and increase NOI.
Interested buyers can also ask about the huge opportunity to take over the existing loan and the Seller is willing to creatively look at all financing including carrying a second loan for the new buyer.
Texarkana is the headquarters of the theologically conservative American Baptist Association, whose Missionary Baptist churches are most numerous in Texas, Aransas, Louisiana, Oklahoma and Mississippi. The Red River Army Depot (RRAD) is an 18,000 acre facility located 18 miles west of Texarkana, and is the city’s largest employer. Texarkana is also home to Texarkana College, a community college, as well as the branch of Texas A&M University: Texas A&M University - Texarkana.
This is also a perfect muti-family conversion opportunity. Multifamily market is good in Texarkana.