For Sale
$4,200,000
10020 I-10 Service RdNew Orleans, LA 70127
- Added:
- Dec 11, 2024
- Days on market:
- 114
Highlights
- Historically strong-performing asset with operational upside; three-year average rooms revenue (2021-2023) of $1,922,386, peaking at $2,802,048 in 2022.
- Priced at a 3.82x rooms revenue multiplier (RRM) based on $1,100,082.47 trailing-twelve-month (TTM) revenue (June 2024); includes a 2-bedroom, 2.5-bathroom owner's apartment above the lobby.
- Proven resilience; May 2024 STR report shows only 0.3% year-to-date (YTD) RevPAR decline compared to a 19.5% decline in the competitive set.
- Excellent I-10 location near major attractions (within 10 miles of French Quarter, etc.) and a 15-minute drive from Downtown New Orleans; approximately 15 miles from the Port of New Orleans's $1.8 billion expansion project.
- Strong revenue growth potential fueled by New Orleans's $50 million infrastructure investment (500+ projects) for Super Bowl LIX and the Bayou Phoenix's nearly $900 million redevelopment of the former Six Flags site.
- Discount pricing; $32,307 per key, significantly below replacement cost; minimal capital expenditures expected for brand-mandated PIP renovations due to 2020 full renovation.
Property Details for 10020 I-10 Service Rd
- Property type
- Hospitality properties, Hotels
- Square Feet
- 48,692 SF
- Year Built/Renovated
- 1972/2020
- Buildings
- 2
- Stories
- 2
- Lot Size (sq. ft)
- 191,228 SF
Location Insight
- City
- New Orleans
- County
- Orleans Parish
- State
- Louisiana
- Latitude
- 30.037448655236
- Longitude
- -89.974128628191
10020 I-10 Service Rd, New Orleans, Louisiana
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