| Hotel | Keys | RevPAR | Revenue | NOI margin | Deadline |
|---|---|---|---|---|---|
| DoubleTree Galleria (H150) | 476 | $89.70 | $19.06M | 18.5% | Offers end Jun |
| Sheraton Houston IAH (H075) | 419 | $68.38 | $13.8M | neg | Auction Jun 22-24 |
| Crowne Plaza Med Ctr-Galleria (H155) | 354 | $55.76 | $8.94M | 6.5% | Offers end Jun |
| DoubleTree Bush / IAH (H156) | 313 | $93.30 | $13.4M | 3.75% | Offers end Jun |
The strong one. Revenue ramped from $11.99M (2022) to $19.06M, EBITDA up 88% to $3.53M (DTG writeup). At the $30M ask plus the RS-adjusted PIP of $7.5M to $8.5M, all-in is $37.5M to $38.5M, $79K to $81K per key, a 9%-plus trailing cap with no growth assumed. We have a two-structure teaser built ($30M with seller bridge / $25M cash). This is the priority. Buyable at or near ask.
Loses money today. T-12 EBITDA is negative $312K (Sheraton T-12 Mar 2026 P&L): GOP is only $1.76M (12.7%), then $580K property tax, $625K insurance, and a $90K rent line eat it. So this does not value on an income cap. It is a below-replacement, fix-the-operations play: 419 full-service keys at maybe $40K to $55K per key (distressed full-service, assumption) is $17M to $23M, with the turnaround as the upside and the negative carry as the risk. The lever is the same as HOURP: GOP at 12.7% should be 25%-plus, which is roughly $1.7M of recoverable NOI on flat revenue. Set a hard max bid before the auction and do not chase. AS-IS, no reps, buyer funds the PIP.
Thin but positive, and recovering fast (RevPAR up 27.7% YTD 2026, tear sheet). The story is the rate gap: it runs ADR $90 against a comp set at $194, an ARI of 65 (tear sheet). It fills the box (MPI 118.5) and gives the rate away. Lender already put about $6M of renovation in since 2023, which de-risks the capital side. NOI is $585K (6.5%) on $8.94M revenue, so income value is low today; the bet is closing even part of that rate gap on a 354-key full-service box. Apply the HOURP 30-point margin idea to $9M revenue and the uplift is large. Below replacement, HCAD assessed $19.5M. Need the OM and a price.
Highest RevPAR of the four ($93.30) and the occupancy leader (MPI 121.8), but EBITDA is only $501K (3.75%, DT IAH writeup). It is un-flagged, so value includes a reflag plus the approved Hilton PIP. The rate gap is the lever: ARI 90.9, about a $12 per night ADR gap to the comp set, roughly $1.0M annualized if closed. Same turnaround shape as the others, with a cleaner topline. Watch the active CapEx, there is a YELLOW-TAGGED fire pump motor under AHJ enforcement and two of three chillers due, $352K in flight. Below replacement, unpriced.