Former Best Western Burkburnett
1008 Sheppard Rd
Burkburnett, TX 76354
Highlights
- Offered at 12.5% current cap rate. Proforma Cap Rate is valued at 13% or more.
- Offered at $53,750 per key, well below replacement cost.
- 26% Cash-On-Cash return
- Ideal size for owner-operator
- Owner Absentee property. Potential for a new operator to cut down on expenses and increase NOI.
- Currently operating at a 66% Occupancy and RevPAR Index compared to Compset. Perfect opportunity for an owner-operator to boost revenue and occupancy over time.
- New ownership may have to complete a new PIP. We are projecting an annual increase of 10% - 15% in topline revenue.
- Last Renovated in 2016
- 8 minutes from River Creek Golf Course
- 8 minutes from the Kiowa and Camanche Casinos
- Under 2 hour drive to Dallas-Fort Worth, Texas
Description
We are pleased to present the sale of the former Best Western located in Burkburnett, Texas, listed exclusively with Tabani Realty. The hotel is currently operating independently, however, the property can be converted to a Comfort Suites, Sparks by Hilton, or Hampton Inn & Suites. The 36,281-square-foot hotel has 80 rooms and is listed at $53,750 per key, well below replacement value, and offered at a 12.5% Cap Rate. The former Best Western is currently operating at a 66% Occupancy and RevPAR index compared to Compset, providing an excellent opportunity for an owner-operator to boost revenue and occupancy over time.
The newly renovated hospitality property offers guests spacious, renovated rooms, and access to the property’s indoor pool, fitness room, and business center. Located off Highway 44, the hotel is an 8-minute drive from the River Creek Golf Course, the Kiowa Casino, and the Camanche Casino. The subject property is also within a 2-hour drive from the Dallas-Fort Worth metroplex and only 13 miles from Wichita Falls, Texas.
Burkburnett is a city located in Wichita County, Texas, United States. It is situated in the northeastern part of the state, near the border with Oklahoma. The city has a population of approximately 11,000 people. Burkburnett offers various amenities and recreational opportunities for residents and visitors alike. The town’s location just a few miles north of Wichita Falls attracts visitors who prefer a quieter and more relaxed atmosphere while still providing convenient access to the amenities and attractions of the much larger Wichita Falls.
Burkburnett has several parks, sports facilities, and a community center that hosts events and activities throughout the year. Burkburnett is also home to Sheppard Air Force Base, a major United States Air Force installation. The base plays a significant role in the local economy and provides employment opportunities for many residents. In addition to this, Burkburnett's economy includes industries such as oil and gas, manufacturing, and agriculture. This can generate a steady flow of business travelers who require accommodations in the area.
Burkburnett is located near major highways, including Interstate 44 and State Highway 240. This makes it easily accessible for travelers passing through the region. Additionally, the city is served by Wichita Falls Municipal Airport, which offers domestic flights. The accessibility of Burkburnett can make it an attractive location for a hotel, providing convenience for both local and out-of-town visitors.
