9002 Broadway StPearland, TX 77584

Property Details for 9002 Broadway St

Year built

2006

Lot size

2.19 AC

Property size (Sq ft)

33,534 SF

Property type

Hotels

APN

0309-0006-000

APU

3090006000

Description

This 56-key La Quinta Inn & Suites by Wyndham is located in Pearland, Texas, offering a compelling investment opportunity. Built in 2007, this three-story, 33,534 square foot hotel sits on a 2.19-acre lot and boasts a 17-year average annual room revenue of $1,287,412. The property's strong financial performance is further supported by a 10% year-to-date increase in room-night demand (December 2023 STR Report), and an 18% revenue increase in 2023 compared to the previous year. The hotel's location on Broadway Street, within two miles of State Highway 288, provides easy access to numerous retail and dining options, benefiting both business and leisure travelers. Pearland's limited new hotel construction since 2011 (only three additions) creates a less competitive market. The hotel's current average daily rate (ADR) ranks third among five competitors, indicating significant potential for improvement through operational enhancements. The 56-key size is ideal for an owner-operator, with the possibility of adding five more rooms. The asking price is $4,950,000, or approximately $88,000 per key. This presents a chance to acquire a well-positioned hotel below replacement cost in a growing market, with potential for conversion to IHG's new Garner Hotels brand. The property's APN is 03090006000.

• CAP approach

  CAP return

  Valuation

  6%

  $7,800,698

  6.5%

  $7,200,644

  7%

  $6,686,312

• Comparable approach

  Method

  Valuation

  Relative Method

  $11,648,096

  Geo Method

  $23,593,400

• Alternative Use

  Use

  Valuation

  Residential

  $7,861,011

  Hospitality

  $7,200,644

  Educational

  $5,990,851

  Medical

  $6,196,886

  Retail

  $9,319,102

Location Insight

City

Pearland

County

Brazoria

State

Texas

Latitude

29.5581

Longitude

-95.3594

CBSA code

26420

CBSA name

HOUSTON-SUGAR LAND-BAYTOWN, TX METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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