Holiday Inn Express - OK

Property Description: Brick and Stucco Holiday Inn Express & Suites in Oklahoma is located near diverse demand generators including military, corporate, education, commercial, and leisure. Located between Oklahoma City and Wichita. The hotel is only 12 years old and was renovated in 2012. It includes 78 keys, 3 stories, indoor pool, fitness center, and conference room. Room revenue is $28,700 per room TTM June 2017. Total room revenue is $2,238,000 TTM June and NOI is $853,000 for the same period. There is upside opportunity to increase room revenue over $3,000,000 with completion of the Formula Blue PIP and a stabilizing economy. Offered at 9.5% Cap Rate. Projected as Stabilized cap rate is 13.4%. The seller will credit the buyer $450,000 towards down payment.