Asking Price Contact for pricing
Area Size
NOI Net Operating Income N/A
NIY N/A

Attributes

Loan Status REO
Property Type Hotels & Hospitality,Hospitality

Asset Description

JLL’s Hotels & Hospitality Group, in conjunction with Ten-X, is pleased to offer for sale the fee simple interest in the 64-key Okatie Hilton Head. Located directly off Route 278 adjacent to the Sun City Hilton Head retirement community, the property offers tremendous access to the region’s premier demand generators, including Hilton Head Island and Marine Corps Recruit Depot Parris Island. The hotel is offered unencumbered by brand and management, providing new ownership with maximum flexibility and exceptional upside through a renovated product and the implementation of aggressive revenue management tactics.

As the U.S. lodging market stabilizes coming out of the pandemic, assets located in drive-to markets are experiencing a quicker path to stabilization. In the short term, the Property will experience a notable performance lift given that it is located in a drive-to market with exceptional leisure demand drivers, including Hilton Head Island and Old Town Bluffton/Bluffton Historic District. The Hilton Head/Beaufort The lodging market finished 2021 at record RevPAR levels which exceed the prior peak by more than 30%. Located a short drive from the Hotel, Hilton Head Island features incredible beaches and world-class golf courses and is regularly voted one of the best vacation destinations in the world. While the island’s permanent population is roughly 40,000, during summer months it can swell to over 275,000 as tourists flock from all over the country. Hilton Head welcomes an estimated 2.5 million annual visitors who contribute more than $1.5 billion to the local economy.

Property tours are available by appointment only. To schedule your tour please contact Steve Leslie at Steve.Leslie@am.jll.com or at (404)-995-2158.


BID DATES: June 20 - June 22, 2022

Click here to register to bid and gain access to the dataroom on Ten-X auction platform.


Listed by Lee Allen, JLL - SC License: 74245

Investment Highlights

  • The property is currently operating under a court-appointed receiver. This is an outstanding opportunity to purchase a hospitality property with tremendous upside significantly below replacement cost.
  • The Hilton Head/Beaufort lodging market finished 2021 at record RevPAR levels which exceed the prior peak by more than 30%. The Hotel continues to ramp up and benefit from the surge in drive-to leisure demand in the Hilton Head market.
  • Located directly off Route 278 adjacent to the Sun City Hilton Head retirement community, the Property offers tremendous access to the region’s premier demand generators, including Hilton Head Island and Marine Corps Recruit Depot Parris Island.
  • The Hotel is offered unencumbered by brand and management, providing new ownership with maximum flexibility and exceptional upside through a renovated product and the implementation of aggressive revenue management tactics (branding options available including Wyndham, Best Western, Radisson etc.)


Last Updated Date: 13 May 2022

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Last Updated Date: 13 May 2022

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