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Candlewood Suites Odessa – Image Credit CBRE
CBRE Hotels solicits offers to acquire the fee-simple interest in the Candlewood Suites in Odessa, Texas. The property is ideally situated at the intersection of John Ben Shepperd Parkway and Interstate 20, just minutes away from Medical Center Hospital, Music City Mall, and numerous restaurants and recreational areas. Thanks to this prime location, the 83-room hotel receives business from a diverse population of both corporate and leisure travelers in Odessa-Midland area.
- High In-Place Cash Flow with Upside Potential – For the 2024 Year-end period, the Candlewood Suites posted approximately $2.5 million in total revenues and achieved a net operating income margin of 36.3%. With a refreshed product following the completion of the PIP, the hotel’s strong cash flow and market share potential make it an attractive opportunity for a new operator.
- Vacant Lot Included in the Sale – There is a vacant lot adjacent to the Candlewood Suites that will be included in this offering. Please ask broker for more details.
Convenient Location & Diverse Demand Drivers – The property is strategically situated at the intersection of John Ben Shepperd Parkway and Interstate 20, offering easy access to the region’s vital oil and gas fields. In addition, the hotel is in proximity to multiple corporates, attractions and colleges, including Saulsbury Ventures, PB Materials Corporate, Cudd Energy Services, Rextac, Schlemeyer Field Airport, Odessa Regional Medical Center, Ellen Noël Art Museum, Ratliff Ranch Golf Links, and Odessa College. It is also within a short distance to Music City Mall and the University of Texas Permian Basin. - Oil & Gas Offshore Exploration – President Donald Trump issued a day-one executive order to reverse a ban on future oil and gas drilling in over 625 million acres of federal waters, rescinding former President Joe Biden’s Jan. 6 order. He also issued an order for the U.S. to resume processing export permit applications for new liquefied natural gas (LNG) projects to boost energy output.
- Growing and Diversified Economy – Odessa is a dynamic city at the heart of the Permian Basin, renowned for its pivotal role in the oil and gas industry. This economic powerhouse significantly contributes to the nation’s energy independence, with major companies like Occidental Petroleum investing in innovative projects here. The city’s economic growth is further bolstered by diverse industries, including technology, logistics, and manufacturing, making Odessa a key player in both regional and national economic development.
- The Permian Basin – America’s Energy Powerhouse – The Permian Basin, spanning southwestern Texas and southeastern New Mexico, is a key player in America’s energy sector. Known for its vast oil and gas reserves, it contributes nearly 40% of the nation’s oil and 15% of its natural gas. Cities like Midland and Odessa are central to its operations, driving the U.S. towards energy independence and economic growth. As the country shifts to renewable energy, Odessa remains a hub of opportunity.
For inquiries visit CBRE.
