Excellent Conversion Opportunity in Dallas Metroplex

• REBRANDING: The Property presents an exceptional opportunity to up-brand the Hotel to Hampton by Hilton, Four Points by Sheraton, Cambria, EVEN, Hotel Indigo, and others to better fit the growing, Addison-North Dallas market.
• DEMAND GROWTH: The Hotel is across the street from the new Addison stop along DART’s $1.9 billion Silver Line light rail expansion which will provide direct access to DFW Airport (west) and Plano/Richardson (east). Surrounding the Addison rail stop, developers are planning a $472 million mixed use development over 18-acres to include residential, Class A office, an entertainment venue, and ground level retail.
• NO NEW SUPPLY: There is no new hotel supply planned in Addison.
• STRONG COMP SET PERFORMANCE: The Comp Set of premium select-service hotels is running a $116.95 ADR for the YTD-Sep 2022 period, exceeding the pre-pandemic high-water mark. With improving room rates, RevPAR is projected to rise steadily as Occupancy levels return to historic trend while corporate and group demand recover.
• NORTH DALLAS SURGING: The Dallas area is experiencing exceptional growth especially in the northern Dallas suburbs with numerous out-of-state relocations and expansions.  Some of the more noteworthy are: AECOM moved its Global HQ to the Dallas Galleria area from Los Angeles, Tenet Healthcare moved its corporate HQ 1.5 miles from the Radisson Hotel, Caterpillar moved its global HQ from Illinois to Irving; Toyota opened its $1 billion U.S. HQ in Plano, Liberty Mutual opened a 1.1 million square foot office at Legacy place in Plano, and State Farm Insurance opened a 2 million SF regional campus to hold up to 10,000 employees at City Line in Richardson.
• EXCELLENT DEMOGRAPHICS: The 5-mile area around Addison employs some 250,000 people and has an average household income of $113,846.  Homes in the immediate area have an average home value of $648,000.