Property Overview
• Priced at 2.6X Room Revenue
• Offered at 20% of replacement / $28.8K per room (approx.)
• Positive NOI & CAP rate each of the last 3 years
• Income trending upward
• Various re-branding opportunities
The 121 room, 4 story, Wyndham Garden Hotel is a tremendous opportunity with excellent investment upside and good existing cash flows. The hotel is highly desirably located on US 177 & Highway 51, less than a mile from Oklahoma State University. It is also the closest full service hotel to the new $5.6B Cushing refinery construction project breaking ground in late 2024. Just 20 minutes away.
Additionally, the immediate campus area has recently seen nearly $1B in new development and renovation including the new world class McKnight Center for the Performing Arts, the $70M O'Brate Baseball Stadium, and the state of the art OSU / Greenwood Tennis Complex which will be home to the 2024 NCAA Tennis Championships. Existing Boone Pickens Stadium, Gallagher-Iba Arena and the National Wrestling Hall of Fame & Museum have all had recent renovations as well.
Other Stillwater demand generators include Stillwater Regional Medical Center, Stillwater Regional Airport, Cooperland Raceway & Motocross Track, Tumbleweed's Bar & Event Center, 3 PGA rated golf courses including Karsten Creek Golf Club, Lakes Carl Blackwell and Mercury, a major Wal-Mart distribution center, Kicker Manufacturing and Design Studios, and Armstrong Worldwide. A number of large electronic firms have manufacturing facilities as well: Kicker, Nomadics, Frontier Electronics and National Standard all have headquarters in Stillwater.
Originally built as a Sheraton Inn, the hotel could potentially have rebranding, repositioning options as well.
Property Highlights
| Asking Price | $3,490,000 |
| Location | US Route 177 near Oklahoma State Campus |
| Property Description | Full Service |
| Number of Rooms | 121 |
| Major Source of Business | University, Corporate, Retail, Tourism & Manufacturing |
| Site Size | +/- 4.62 Acres |
| Year Built |
1982 |
| Last Year Renovated |
2020 |
| Common Area Amenities | Indoor pool & hot tub, Sports bar & grill, Fitness center, Multiple meeting rooms, business center, guest laundry. |