Property Overview
• Recent $500K price reduction!
• 9% CAP Rate
• Gorgeous, less than 3 year old Hotel offered at approximately 40% of replacement
• Perfect 1031 project offered in a Federal Opportunity Zone
• 2024 Room Revenue trending significantly upward
• Directly adjacent to the Stride Bank Center meeting and arena facility seating up to 5000
• Out of state, absentee owner and unencumbered by third party management
• Should a new owner desire, rebranding potential including Marriott or Hilton is possible
The GLo Enid represents an unusual and tremendous opportunity for an astute hotel investor. The property is currently owned by an out of state, absentee owner. Offered at approximately 40% of replacement cost this less than three year old hotel is in superb condition. 2024 projections have the hotel topping $1.8M in room gross.
The hotel was opened in 2021 and was ramping up very well through mid-2023 when 41 rooms were damaged during a severe wind event leaving the rooms water damaged. These rooms were down for an extended period while insurance settlement negotiations were underway (still ongoing). The owner moved ahead with out of pocket renovations in the mid six figures. Additionally, 2024 capital improvements included new cameras, internet access ports and a large commercial water softener for the hotel. ADR is consistently over $100 and occupancy near 40%. With a concerted marketing effort and a hands on owner, the hotel has substantial long term investment upside.
CLICK THE ABOVE VIDEO ICON OR COPY & PASTE THE BELOW LINK FOR A VIRTUAL HOTEL TOUR:
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Property Highlights
| Asking Price | $6,400,000 |
| Location | Downtown CBD |
| Property Description | Select Service |
| Number of Rooms | 96 |
| Major Source of Business | Very diverse including Convention, Corporate, Legal, Military, Leisure, Medical & University |
| Site Size | +/- 1.62 Acres |
| Year Built |
2021 |
| Common Area Amenities | Breakfast area, business center, fitness room, guest laundry, indoor heated pool |