Best Western Socorro Hotel and Suites

Hospitality for Sale
Catylist Listing ID: 30282092
Property Subtypes: Hotel
Number of Units: 120 Units
Building Size (RSF): 29,930 SF
Gross Building Area: See Agent
Gross Land Area: 1.79 Acres
Sale Price: $7,300,000
Unit Price: $60,833.33 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: 8.9%
Last Updated: 11/13/2018

Overview / Comments

Marcus & Millichap has been selected to exclusively market for sale the Best Western Socorro Hotel & Suites, a 120 unit (40 Interior, 80 Exterior), limited service, two story hotel property built in 1995 and conveniently situated along Interstate 25. Consistently earning high rankings among customer satisfaction, the Best Western is currently ranked #4 on TripAdvisor. This property presents an opportunity for an owner operator or third party management structure due to its strong revenue performance. With room sales consistently well above $2,000,000 this property demonstrates strong demand in Socorro and Southern New Mexico along Interstate 25. With underutilized conference space on site that was previously generating in excess of $200,000, this property boasts additional room for revenue growth in both room and conference/meeting space revenue.

With recently renovated guest rooms and originally built as a Holiday Inn Express, the Best Western Socorro Hotel & Suites includes high speed wireless internet, cable, an indoor pool and hot tub, on-site fitness facility, game room, safe deposit box and individually controlled climate control. Additional amenities on the property include a business center, conference and meeting space, and a delicious complimentary breakfast.

Additional Details

Nearest MSA: Albuquerque
County: Socorro

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 3,708 5,745 5,745
Median Age: 29.91 31.46 31.46
Households: 1,518 2,322 2,322

Contact

Photograph of Listing Agent

Matthew Reeves

Marcus & Millichap CARNM CIE Member
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