Extended Stay America Suites Las Vegas - East Flamingo

1550 East Flamingo Road, Las Vegas, NV

Market Price

Price

2.46 acres

Lot Area

125

Keys

Gallery
Street
Map
Overview
Lot Area
2.46 acres
Keys
125
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/1891/extended-stay-america-suites-las-vegas-east-flamingo?utm_source=brevitas&utm_medium=listing&utm_campaign=hospitality_1891

HREC, in conjunction with RI Marketplace, is pleased to offer Extended Stay America Suites Las Vegas - East Flamingo. The offering represents a unique opportunity to acquire the Fee-Simple Interest in a near turn-key asset with phenomenal resiliency through the pandemic and continued high NOI flowthrough. 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 – +38% NOI Flowthrough in YE 2020; +45% NOI flowthrough 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 – 87.6% RevPAR penetration per Jan 2024 STR
  • 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
  • Per the YE 2023 Las Vegas Convention and Visitors Authority Report, the city saw a 5.2% increase YoY in visitor volume, a 19.9% increase in convention attendance, and the Harry Reid International Airport saw approximately 57.6mm annual passengers
Documents
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More Info & CA
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Location
Gallery