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Executive Summary Executive EXECUTIVESUMMARY Executive Summary TULSA DOWNTOWN 1 PRESENTED BY THE PLASENCIA GROUP is pleased to present for your investment consideration the DoubleTree Hotel by Hilton Tulsa Downtown. The eighteen-story, 417-room DoubleTree offers approximately 24,000 square feet of meeting space though its popularity and operational capabilities are further enhanced via the hotel’s skywalk to the adjacent 310,000 square-foot Cox Business Center, Tulsa’s primary convention facility. The DoubleTree has been managed by Hilton Worldwide for the past 20 years. The hotel is offered free and clear of its existing management agreement which expires in September 2017. Hilton Worldwide has indicated an interest in discussing a new management agreement or a new DoubleTree franchise with qualified parties. EXECUTIVESUMMARY Investment Highlights 2 DOUBLETREE TULSA DOWNTOWN Investment Summary 616 W 7th Street Address Tulsa, Oklahoma 74127 Year Opened / Renovated 1982 / 2015 Guestrooms 417 Parcel Size 4.8 acres Building Height 18 stories Brand Affiliation DoubleTree by Hilton Management Offered unencumbered; currently operated by Hilton Food & Beverage Made Market restaurant; Made Market lounge Total Meeting Space 24,189 square feet of flexible indoor and outdoor meeting space Parking Self-parking; 14 surface spaces and 442 parking structure spaces Property Amenities Business center, fitness center, pool, arcade, baggage storage, guest laundry, breakfast area Additional Considerations Fee simple interest, non-union property RECENT RENOVATION – ONGOING MARKET REPOSITION OPPORTUNITY During 2014 and 2015 the DoubleTree’s institutional owner implemented a comprehensive $10,000,000 renovation to reposition the hotel to effectively compete in Tulsa’s Upscale Chain segment which substantially outperforms the balance of Tulsa’s hotel market. Tulsa’s Upscale Chain segment recorded a 2016 RevPAR of approximately $27 higher than the overall Tulsa market and nearly $29 higher than the DoubleTree’s currently designated competitive set. Tulsa Segmentation Separation STR 2015 Percentage Change 2016 Percentage Change Tract RevPAR from 2014 RevPAR from 2015 Upscale Chains $70.86 6.1% $71.61 1.1% Tulsa $45.91 0.5% $44.60 (2.9%) Existing DoubleTree $42.94 0.6% $42.98 0.5% Competitive Set EXECUTIVESUMMARY 3 The DoubleTree’s current competitive set has included essentially the same hotels for most of the past decade, if not longer. Because a number of these hotels have converted to less competitive brands (Hilton to Crowne Plaza, Holiday Inn to Knights Inn, Sheraton to Wyndham), this competitive set does not realistically reflect the DoubleTree’s competitive opportunity. The DoubleTree’s management team does an admirable job of competing against this competitive set and recently recorded a RevPAR index of approximately 124%. The recent renovation of the DoubleTree has positioned the hotel to compete across all demand spectrums and for demand emanating from throughout the Tulsa area as well as Oklahoma and beyond. The hotel’s central location, meeting and banquet capabilities, skywalk to the convention center and popular reservation system should allow existing management, or new management, to meaningfully advance the DoubleTree’s competitive position. The following table highlights and quantifies the market position opportunity for the next owner. The current owner and its management team have clearly established a good financial and physical base upon which to build. Reposition Opportunity Competitive 2013 2014 2015 2016 Sets RevPAR Index RevPAR Index RevPAR Index RevPAR Index Existing DoubleTree 119.6% 120.6% 119.7% 123.5% Competitive Set Updated DoubleTree 85.2% 79.8% 79.9% 84.2% Competitive Set TULSA – A DIVERSIFIED ECONOMIC BASE WITH AN ENERGY LEGACY Tulsa is the second most populous city in Oklahoma with nearly 400,000 residents, and the Tulsa Metropolitan Statistical Area has nearly one million residents. The city offers a diverse and growing economy, headlined by the energy sector, and is home to many recreational and cultural attractions, including the 310,000 square-foot Cox Business Center (connected to the DoubleTree), BOK Center and Tulsa Performing Arts Center. Tulsa is also home to the largest collection of American Western art in the world and exquisite art deco architecture is featured throughout the city. Tulsa’s economy was dependent on the oil industry for much of its history and was once known as “The Oil Capital EXECUTIVESUMMARY of the World.” The city is now home to two Fortune 500 companies in the energy sector: ONEOK (diversified energy) and The Williams Companies (energy infrastructure). While this industry plays a large part in the city’s economy, 4 several other industries have gravitated to Tulsa, making the local business environment healthy and diverse. Along with energy, other major industries in Tulsa include aeronautics, finance, technology, telecommunications and manufacturing. Given that the hotel sector of a metropolitan area can generally reflect a region’s economic profile, the following table highlights the fact that Tulsa’s reliance on the energy economy has moderated during the past decade. Relative to Houston, the impact of lower energy prices on Tulsa’s hotel sector was substantially less than what occurred in Houston. As each metropolitan area has a meaningful energy sector, the recent report by Baker Hughes noting that the weekly rig count increased by the highest number in five years is encouraging. Relative Reliance on the Energy Sector Tulsa to Houston Comparison Percentage Change Percentage Change Percentage Change Percentage Change Market 2013 RevPAR 2014 RevPAR 2015 RevPAR 2016 RevPAR Tulsa 9.6% 6.3% 0.5% (2.9%) Houston 13.8% 9.7% (3.3%) (12.4%) Source: Smith Travel Research DOWNTOWN TULSA – INCREASING PRIVATE AND PUBLIC INVESTMENT In recent years, Tulsa has experienced a revitalization of its downtown area. This has been achieved through a combination of public and private investments. The city is actively working to develop downtown Tulsa as a vibrant center of commerce, arts, entertainment and education. Downtown Tulsa is defined by several distinct sub-districts that each have their own characteristics. The Convention Center area is home to the Tulsa Convention Center and BOK Arena which are both popular venues for meetings and concerts. Another popular downtown entertainment district is the Blue Dome, named for a distinctive, domed building, in the eastern section of downtown. The building was originally constructed in 1924 and has become a popular area for unique restaurants and multifamily projects. The Brady District, one of Tulsa’s oldest areas, is characterized by two-story brick warehouses and has become a cultural hotbed for the city. The Brady Arts District is home to retail and service shops, restaurants, bars, clubs, galleries, museums, parks, private businesses, residences and historic music venues. Several other districts including the East Village and Greenwood Historical District further define Tulsa’s downtown area. THE DOUBLETREE HOTEL BY HILTON TULSA DOWNTOWN EXECUTIVESUMMARY The 417-room DoubleTree is a substantial lodging establishment that has been well-maintained by at least two institutional real estate owners during the past two decades. The hotel was originally developed as one of the few Trusthouse Forte (THF) hotels in the United States. THF was well-known for developing efficiently designed and well-constructed facilities. The hotel was opened in 1982 and DoubleTree, now Hilton, assumed management in 1997. The DoubleTree 5 offers just over 24,000 square feet of meeting space equating to 58 square feet per room. In 2016, the DoubleTree generated total revenue of approximately $11,000,000 including room revenue of over $8,100,000. The DoubleTree’s management team is budgeting total revenue of nearly $11,250,000 in 2017, including room revenue of approximately $8,300,000. SALE TERMS The DoubleTree is offered to the investment community free and clear of its existing management agreement, although the current operator, Hilton Worldwide, would be interested in retaining management. Current ownership will only evaluate all-cash indications of interest as no seller financing will be offered and no in-place debt facility is available for assumption. CONTACT INFORMATION For additional information regarding the DoubleTree Tulsa Downtown investment opportunity, please contact: ROBERT WIEMER JOE CORCORAN PAUL WILLIAMS (281) 379-2613 (972) 863-9108 (972) 492-0250 [email protected] [email protected] [email protected] One North Dale Mabry Highway, Suite 1000, Tampa, Florida 33609 Phone (813) 932-1234 www.tpghotels.com © Copyright 2017, United States of America.
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