Property Overview
Highlights:
• Near New $1.2B Lithium Refinery. Currently under construction
• Priced Well Below Replacement Cost
• 3 year average CAP Approximately 8.5%
• Formula Blue Renovation Completed in 2021
• Near All Major Demand Generators
Original developer/owner retiring, Formula Blue completed in 2021, priced significantly below replacement cost and without a change of ownership PIP requirement.
Approximately 45 minutes from Tulsa, the hotel is located in Muskogee, Oklahoma. The property is minutes away from the $1.2 Billion Lithium Refinery that broke ground last month. Muskogee is a regional hub for a number of large employers including the Veteran's Administration (1,600 employees) and the VA Medical Center (1,200 employees). Other large demand generators include the St. Francis Hospital Complex, Georgia Pacific Paper Manufacturing, Dal-Tile, Acme Engineering and Love Bottling Company. The hotel is also located near the U.S.S. Batfish Submarine and Military Museum, Three Rivers Museum, Eagle Crest Golf Course, and the Pecan Creek Winery.
The hotel was renovated several years ago and according to IHG will have only a moderate change of ownership PIP required. Standard HIEX IHG amenities and brand standards, including indoor pool, guest Sweet Shop, business center and fully remodeled breakfast room.
Owners will entertain all reasonable offers.
Property Highlights
| Asking Price | $5,900,000 |
| Location | Highway / Suburban Market on OK State Highway 69 |
| Property Description | Limited Service |
| Number of Rooms | 70 |
| Major Source of Business | Refinery, Medical, Corporate, Casino, Retail, Tourism & Manufacturing |
| Site Size | +/- 1.85 Acres |
| Year Built |
2006 |
| Last Year Renovated |
2020 |
| Common Area Amenities | Breakfast area, indoor heated pool, business center, guest laundry, meeting space & fitness center |