Wednesday, March 29th - Indicative Bids Due Wednesday, April 26, 2017 - Best & Final Close of Escrow - TBD Participation deposits must be placed only by wire transfer or cashier checks. Credit cards will not be accepted Property showings will be offered on Thursday, March 16th and Friday, March 17th by appointment only. Please contact Mike Armstrong at marmstrong@hrec.com or Phil White at pwhite@hrec.com to schedule. Investment Highlights * Leasehold sale with 45 years remaining on the initial term with two 10-year extension options * Nearby demand generators include the adjacent Albuquerque Int’l Sunport Airport, University of New Mexico, Kirtland Airforce Base, Isotopes Ballpark, Isleta Amphitheater, and several golf courses attracting a diverse mix of demand * Opportunity to acquire a full-service hotel at a price well below replacement cost Investment OverviewThe offering is for the leasehold interest of the 276-room Sheraton ABQ Airport Hotel. The property is the sole lodging facility located on airport grounds at Albuquerque Int’l Sunport Airport (ABQ), making the hotel the most immediate and easily accessible lodging facility relative to the airport terminal. Due to its location near the airport and Sunport Boulevard SE exit along I-25, the hotel is well situated and has excellent visibility to attract and accommodate business, government, and leisure transient demand traveling along the interstate. Nearby demand generators include downtown Albuquerque, University of New Mexico, Kirtland Air Force Base, and close proximity to a variety of other corporate, leisure, and government facilities. Facebook recently announced plans to build a 50-acre complex in Albuquerque. The $1.8 billion facility will be one of the most advanced, energy-efficient data centers in the world and will create 300 temporary and 50 permanent jobs. In late 2010, the hotel completed a $14 million renovation and opened as a fully-converted Sheraton with 17 years left on franchise. Hotel amenities include several meeting rooms, a business center, fitness center, outdoor pool, complimentary Wi-Fi, and a full-service restaurant. TripAdvisor ranks the hotel as #36 of 144 hotels in Albuquerque, with the large majority of guests leaving above average reviews. The property is currently designated with a TripAdvisor certificate of excellence. The Sheraton sits on a ground lease with the City of Albuquerque for an initial term of 55 years set to expire in 2062, with two 10-year extension options. The potential buyer will gain an opportunity to acquire a full-service hotel at a price well below replacement cost. Property Listed By: Ernie Romero – Phase One Realty, Inc.; NM RE #9488 / 760-452-2255 or 505-988-3883 This property will be auctioned on Wednesday, April 26 - Wednesday, April 26. For information and to register to bid on this property, please visit Ten-X.com.
