Candlewood Suites Houston NE - Stafford, TX
11230 Southwest Fwy, Houston, TX 77031
PROPERTY SUMMARY
Opportunity
- Fee-simple interest in the 80-room Candlewood Suites Houston NE Houston/Stafford TX
- Property recently underwent a comprehensive Candlewood Suites conversion renovation, with current ownership investing approximately $2.34MM ($29.3K/key) into the asset
- Product type with fully equipped kitchens is ideal for future potential residential conversion or other alternative use pending zoning and municipality approval
Location
- Ideally located near Sugar Land, proximate to all regional demand including Schlumberger Headquarters, Accredo Packaging, Minute Maid Headquarters, Atrium Medical Center, UTMB Health, Rice University Hobby Airport, and NRG Stadium.
- Property is readily accessible via Interstate 69 with upwards of 230,000 vehicles passing the location daily
- Extended stay economy product is widely revered as recession proof and remains a favorite investment sector amidst private and public investors
- Extended stay market grossly outperformed other lodging sectors amidst the COVID recovery and is ideally positioned for future growth
- High margin business model is optimal for any forward economic contraction given limited labor requirements with no sales department or food and beverage offering
- Ideal time to be investing in Houston with an MSA population of ~7.5MM residents, the second highest number of Fortune 500 headquarters within the US, and a highly favorable tax climate, which has made it one of the fastest growing MSAs in the US for two consecutive decades
