Lender Driven Sale - DoubleTree Midland TX | 262 Rooms | $7.2M+ Room Revenue | $2.37M+ NOI

Investment Highlights

• 262-Room, Upscale Hilton-Branded Hotel
• Amenities include On-Site Restaurant, Bar, Lounge, 10,000 SF Event Space
• Excellent Investment Opportunity with $7.2M Room Revenue and $2.37M NOI
• New 15-Year DoubleTree Hotels License Expected After PIP
• Prime Downtown Location with Easy Access to Market Demand Generators

 

Offering Summary

Marcus & Millichap is pleased to offer for sale the DoubleTree by Hilton Midland Plaza,  a 262-room upscale hotel located at 117 W Wall Street in Midland, Texas (the “Property”). This offering provides an investor the ability to acquire the Property unencumbered by management or existing debt, presenting an exceptional operational opportunity for robust revenue growth through strategic implementation of aggressive yield management strategies.
 
Situated on a 0.96-acre lot, the Hotel was built in 1974 and renovated in 2012 with a prime downtown location. The hotel is positioned favorably in a high-growth market surrounded by strong demand generators and located 10.8 miles from the Midland International Air & Space Port. The hotel has a 2023 net operating income of $2,379,490 and represents an attractive investment into a long-term healthy market with continued upside through a refresh of the hotel positioning room revenues to exceed $8.4M by the end of 2025 (Year 1 Proforma). The DoubleTree by Hilton is located in a soaring submarket with 2023 RevPAR growth of 20.5% compared to the previous year.
 
Midland, Texas, is a key city in the Permian Basin, known for its booming oil and gas industry and a key driver of regional economic growth. Midland's strategic location along Interstate 20 and major highways enhances its accessibility and appeal. The hotel enjoys a convenient proximity to several demand drivers such as Bush Convention Center (387 feet), Bush Family Home State Historic Site (1.1 miles), Blakemore Planetarium at the Museum of the Southwest (1.0 Miles). Nearby employers include Anthem Oil & Gas (0.4 miles), Apache Corp. (3 miles), Baker Hughes Companies (2.8 miles), Chevron, Diamondback Energy (0.3 miles), and more. As of 2023, the Property’s demographics have ±124,065 individuals residing within a 5-mile radius, with an average household income of ±$103,542.