DELUXE LAS-VEGAS HOTEL REO FOR SALE NOW..........
DELUXE LAS-VEGAS HOTEL REO FOR SALE NOW..........396 unit extended-stay apartment/hotel property located on South Las Vegas Blvd. (“Las Vegas Strip”)
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| Emerald Suites South | 396 Units on +7.79 acres 9145 South Las Vegas Blvd | Las Vegas, Nevada 89123
Bank-Owned Extended-Stay Apartment/Hotel Acquisition Opportunity
We are pleased to offer for sale the Emerald Suites South located in Las Vegas, Nevada. The property is a bank owned 396 unit extended-stay apartment/hotel property located on South Las Vegas Blvd. (“Las Vegas Strip”). This investment opportunity provides the potential purchaser multiple operating alternatives that include apartment, extended-stay, flagged hotel, timeshare, or for-sale condominium.
Currently the property is generating approximately $4.8 Million in annualized gross income with average occupancy in excess of 75% and is being operated on a blended basis with the majority of units offered as extended-stay and a portion offered as nightly rentals. This provides an opportunity for an investor to benefit from in-place cash flow while transitioning the asset to highest-and-best use that maximizes income under the chosen operating scenario. The property is being offered unpriced and the seller intends to announce a call for offers deadline at a later date but will consider compelling offers as presented. To receive further detailed information please register by clicking the link below to access the comprehensive Offering Memorandum. Qualified principals will be provided access to the Virtual Deal Room with extensive Due Diligence information and can separately request access for their representative: $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ Key Investment Highlights: Significantly Below Replacement Cost - Opportunity to acquire an extended-stay property substantially below replacement cost that can be readily adapted to a variety of uses including hotel, timeshare, extended stay apartments, condominium, etc. with minimal immediate interruption to existing business and use Highly Visible Central Location – Property has superior access with location on Las Vegas Blvd. and is in close proximity to the Airport, Las Vegas Strip, I-15, and surrounding commercial properties Substantial Existing Income from Operations - Existing annualized gross income of approximately $4.8 Million as of January 2012 from blended operation of extended stay apartment and hotel can be maintained and utilized to offset downtime as purchaser transitions into its new business plan Immediate Upside from Economic Vacancy – Existing economic vacancy of 15%-17% above the physical vacancy of 22%-25% creates immediate increased income opportunity for Purchaser. Limited competitive options in surrounding market should allow purchaser to increase legacy rents to market levels for tenants and recapture income loss with no significant impact to expenses. Attractive Well-Maintained Property – The property was built in 2001, has been exceptionally maintained, and features fully furnished units and amenities that make it highly desirable for tenants Hotel Rebranding Opportunity – Currently operates under local Emerald Suites brand but rebranding as dedicated hotel property and flagging with a major hotel brand could provide further marketing exposure, increase operating leverage, and greatly enhance net operating income. Several major brand operators have been contacted and have expressed interest in the opportunity Improved Competitive Environment - Recent demolition of older motel properties along Las Vegas Blvd that were intended to be redeveloped into mixed-use properties has created a lack of supply of value oriented hotel properties in the South Strip corridor and similar properties in the corridor are dated construction and of inferior quality and amenities Strengthening Market Dynamics - While the Las Vegas Apartment market has remained relatively steady at sub 10% vacancy throughout 2011 with flat rents, the Las Vegas hospitality market has experienced almost a 4% improvement in overall hotel/motel occupancy to 84.8% since the prior YTD November figures and during that same time period motel occupancy has improved approximately 5% Please note this offering is being presented to Brokers as a courtesy however per the terms of the listing agreement with the Seller neither the Listing Broker nor Seller are paying any co-operating broker or referral fees in conjunction with the transaction. Any buyer's broker representing a prospective buyer shall be required to have a real estate license in the State of Nevada and shall receive compensation directly from the Buyer in addition to the purchase price. Should you have any initial questions or wish to schedule a tour please contact Geoffrey West or any of the listing team members listed below: |
