Seller’s motivation is clear… Price reduced again!!! Offered as part of a four property portfolio, with adjacent Best Western (122 keys) and 2 leased restaurant bldgs. Portfolio now offered at $2,400,000. Priced significantly below the owner’s debt. Like buying a bank owned portfolio. Individual deals considered, but portfolio sale is preferred.

Executive Summary

This offering includes the adjacent Best Western (122 keys) and 2 fully leased restaurant buildings. The Econolodge is offered as part of a portfolio and the quoted price is for the portfolio. Please see the Best Western summary on this website.  The following summary pertains to the Econolodge.

The 60 key EconoLodge Blackwell compliments the adjacent Best Western quite well.  The retail buildings are included in the offering and are single tenant restaurants, one a 1580 sq ft Subway and the other a 4200 sq.ft. Los Potros Mexican restaurant..     Both are located on pad sites directly in front of the hotel. The EconoLodge features a 2 story entry and spacious lobby, unlike many EconoLodge properties.  In addition, it is interior corridor and features an indoor pool and meeting room.

This award winning EconoLodge is located on one of the busiest NAFTA interstate highways in the country.  I-35 connects Mexico to Canada and Blackwell is only 1.5 hours north of Oklahoma City and about one hour south of Wichita, KS.  The area is known for energy exploration, Indian casinos, manufacturing and the agricultural business.  The downturn in the oil boom has affected the hotels in the region.  Of course, if oil prices continue to increase, one would expect that exploration in the region would begin to ramp up again.  There are 5 casinos within 20 minutes of Blackwell, making it a nice hub for those that are enjoying the casino circuit.  Those are:

  • Native Lights Casino
  • 7 Clans Casino
  • Tankawa Hotel & Casino
  • Osage Casino
  • Southwind Casino

More notable however, is the recent announcement and ground breaking for the Rock & Brews Casino (Gene Simmons of KISS fame) to be built 10 miles north of Blackwell, in partnership with the Kaw Nation.  The 78,000 sq. ft. casino will be the largest in the State, and it will offer a 1500 seat event center, luxury retail, and a travel plaza.   Mr. Simmons has used his fame to expand his Rock & Brews franchise throughout a number of areas of the country.  In addition to the casinos, Blackwell does play a roll in providing some demand generation with its population of 7,000, that is, a 12,000 sq ft events center and Northern Oklahoma College in Tonkawa.  The link to the press release for the ground breaking is:  http://www.tulsaworld.com/scene/music/rockers-kiss-come-to-kay-county-for-groundbreaking-on-rock/article_7f96f20f-08c0-58e7-8984-387d5c107689.html.

Both of these hotels show well and are pride of ownership properties.  If the oil business comes back and agriculture recovers, which both are likely to do, at some point, these deals could turn into very attractive investments.  Additional discount might be possible with a year end sale.

Property Details

Address
1201 N. 44th St, Blackwell, OK 74631
Price
2,400,000 
Rooms
182 
Price Per Key
13,187 
Property Type
Economy limited service - highway 
Revenue
Call for CA 
Website
 

Hotel Description

  • Built 1994, 60 keys
  • Offered at 2.0X room revenue, with additional discount possible for year end sale.
  • Rated “Excellent” and a Gold Award winner on Choice website
  • Two floors, interior corridors
  • Flat panel TVs
  • Indoor Pool
  • Business Center
  • 100% smoke free
  • Ample Parking, (all concrete) including truck parking
  • Offered with adjacent Best Western
  • Offered with 2 adjacent fully leased restaurant buildings

Contact a Broker

Brent Jaynes Headshot

Brent Jaynes

8725 Rosehill Road, Suite 300
Lenexa, KS 66215
Phone: 913-499-4731
Fax: 913-499-4771