Marcus & Millichap Brokers Sale Of Quality Inn Hotel In Midland, Texas
902 West Interstate 20
Building Size
—
Asset Type
Hotel
Closing
May 14, 2024
About this deal
AI
The Quality Inn Midland, a 68-room hospitality property located at 902 West Interstate 20 in Midland, Texas, was recently sold. The property offers amenities such as a hot breakfast bar, indoor pool, meeting facilities, and fitness center, enhancing its appeal in the market.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: Not specified
- Keys: 68
- Address: 902 West Interstate 20 - Quality Inn Midland
- Market: Midland
Chris Gomes and Allan Miller, along with Matthew Omansky, represented by Marcus & Millichap, facilitated the sale of the Quality Inn Midland. The transaction was finalized within 21 days of listing, showcasing the team's expertise in hotel sales, particularly in the Midland/Odessa area.
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Midland Hotel Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93