9902 Gulf Fwy, Houston, TX 77034 For Sale

Amin Realty, as the exclusive representative of the seller, is pleased to present for sale the 136-key Red Roof Inn & Suites near Hobby Airport. This is an ideal opportunity for a prospective buyer to purchase an asset that already has a strong in-place revenue and NOI. There are multiple revenue streams in place (hotel revenue, lease income & restaurant lease income). Please call broker for additional information. The existing owner has spent over $600k in CapEx to renovate the property which includes rooms, bathrooms, FF&E, parking lot and interior paint.

Conversion Opportunities

The Red Roof Inn & Suites Hobby airport presents a unique opportunity for a developer to convert this asset into a dual brand (HomeTowne Studios & Red Roof) to capture additional long-term stays in the Hobby sub-market. There are currently 36 units that have kitchenettes and have shown strong occupancy numbers.

The property can also be converted to Multi-Family by going through the entitlement process with the City of Houston. The market rents within a 3 mi radius are approximately $859 (per CoStar). It currently meets the parking requirement as the property has about 178 parking spaces. The remaining capex would include putting in kitchens in the remaining rooms as well as having the rooms sprinklered. Please contact broker for additional guidance in this process.