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Mohr Partners, Inc.recently announced the successful sale of the La Quinta Inn & Suites, an 85-room hotel built in 2020, located in Red Oak, Texas.
Situated only 20 minutes from Downtown Dallas, the La Quinta Inn & Suites sits off of Interstate 35, a major shipping and travel route connecting the Dallas/Fort Worth Metroplex with Austin and San Antonio.
Mohr Partners’ Capital Markets division, led by Eric Beichler, Managing Principal/Shareholder and Grant Palmer, Managing Director, sourced the opportunity to an out-of-state private buyer.
“We are pleased that we were able to successfully sell the asset for the ownership group in a very timely manner while achieving a meaningful sale of seven times gross revenue,” Beichler said in a statement.
The property sits in a growing part of the Dallas/Fort Worth area, with nearly 275,000 people living within 15 minutes. Additionally, the daytime population exceeds 240,000 people, with over 6,500 business located less than 15 minutes away.
Nearby national credit tenants include Walmart Supercenter, Starbucks, Chick-fil-A, Panda Express, Whataburger, CVS Pharmacy, McDonalds and many more.
Palmer and Beichler exclusively represented the buyer in the transaction, which achieved a meaningful value equal to seven times the hotel’s gross revenue. Additional terms of the sale were not disclosed.