Extended Stay America Las Vegas - Midtown

3045 South Maryland Parkway, Las Vegas, NV

Market Price

Price

2.35 acres

Lot Area

124

Keys

Gallery
Street
Map
Overview
Lot Area
2.35 acres
Keys
124
Year Built
1998
Management
Unencumbered
Floors
3
Description

RI Marketplace Online Auction May 6-8, 2024
Register to Bid on Marketplace:

https://rimarketplace.com/auction/1885/extended-stay-america-las-vegas-midtown?utm_source=brevitas&utm_medium=listing&utm_campaign=hospitality_1885

HREC, in conjunction with RI Marketplace, is pleased to offer Extended Stay America Las Vegas - Midtown. Due to an increased demand in this location for similarly sized and zoned raw land for redevelopment, a potential to rebrand, renovate or redevelop the site exists and offers the potential user a multitude of possibilities. Las Vegas has seen significant developments over the previous few years, welcoming three new sports teams, the massive redevelopment of the Las Vegas Convention Center, and billions spent on upgrading and redeveloping resorts. Las Vegas has seen a tremendous rebound from the pandemic and continues to be one of the top leisure destinations in the United States.

Shane P. Jacob, Auctioneer
NV License: NV20141327564
P63-000561; Clark County: 2000817-056-221

Highlights
  • Pandemic resilient asset – +22% NOI Flowthrough in YE 2020; +32% NOI flow through in 2019
  • Strong rebound post-Covid – current TTM Total Revenue and NOI have surpassed historical highs
  • Upside potential for continued growth strategy and utilizing the existing progress to significantly increase potential ROI – sub 100% RevPAR penetration
  • Extended stay model proximate to the Las Vegas Strip and Vegas’ top demand generators
  • Offered fully unencumbered of flag, management and debt - flexibility in terms of rebranding the asset to a new flag/brand
  • $13 billion in construction planned for the city through new and redevelopments
Documents
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Location
Gallery