Just Listed! Hotel & Convention Center!
The heavy lifting is complete!
The 232-room hotel and convention center is located at the corner of I-35 northbound and Altemasa Blvd. in Fort Worth, Texas. Bought in 2017, this property is fully renovated and will soon become the Hilton Hotel & Convention Center, with the transition set to take place in 90 days. Fully renovated between 2019 and 2021 through Covid-19 and recently appraised by CBRE for $49 million stabilized. The rebrand to the top-ranked Hilton brand Double Tree Hotel coupled with Hilton's cutting-edge reservation system and operations is expected to significantly increase its value by Q2 2023. The 7-acre property provides ample space for a 120-room expansion of a complementary Hilton brand, further boosting potential revenue and profits.
Strengths of the property according to a CBRE appraisal report done in 2022
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The Hotel is well located in the city of Fort Worth along IH-35 West, which is the primary north/south highway for the region, with easy access to other portions of the
city. The Hotel is proximate to numerous amounts of industrial corporations, such as Alcon Laboratories, Inc., Miller Coors Brewing, Halliburton, among others. There have been few new hotels constructed in the immediate area of the subject. It is one of the only full-service hotels in its submarket that has a significant amount of meeting/banquet space. The Hotel completed a comprehensive renovation for its conversion to a Holiday Inn & Suites hotel in Q4 2021 at a reported cost of $10.25 million and is in average to good condition for its age.