Highlights
• 290-key six-story concrete and steel frame building, in a U-shaped courtyard • Guestrooms and suites are oversized at an average of ±356 SF • Over 13,000 SF of meeting space and two retail food and/or beverage outlets to be leased out or operated inhouse, located in a single-story commercial building • Currently gutted with systems in place • CM (Commercial Heavy) is a comprehensive and broad zoning and favorable to multifamily conversions • Strong labor market • Architectural plans for a multifamily conversion may be available upon request • Potential seller financing available for qualified purchaser for purchase and renovation • Branding flexibility presenting a potential redevelopment opportunity • Priced well below replacement • Lafayette has shown interest in converting similar properties to apartments • Extra parking that can be converted into a standalone retail pad • Some FFE and drywall retained from interior demo that can potentially be used in a multifamily conversion or sold in a hotel conversion • Bull Realty LA License #0995682852
Description
Bull Realty is pleased to offer the opportunity to acquire a fee simple interest in the bank owned former 290-key Wyndham Garden hotel in Lafayette, LA. Located off Hwy 90, the property is surrounded by diverse demand generators, including the Lafayette Regional Airport, University of Louisiana Lafayette, and downtown Lafayette. The former hotel underwent a multi-million-dollar interior demolition in 2021 leaving the systems and support walls intact. Current zoning (CM – commercial heavy) allows for a wide range of multiple or mixed uses. If a buyer decides to reopen as a hotel, there is preliminary interest from three hotel franchisers (Hilton, Wyndham, and Choice) in this redevelopment project with each determining brand availability and corresponding PIP’s. If a developer moves forward with the multifamily option, the larger than average room sizes of the property (~350 sq ft) provide them the flexibility for a workforce housing conversion or market rate apartment conversion. The property’s location 1.5 miles from the University of Louisiana Lafayette makes it a suitable student housing conversion as well. The University is under supplied on student housing, as there is 2.9 students to every student housing bed, well above the 1.34 average amongst the 20 largest college markets. While the property is offered unencumbered of management or debt, developers have an option to bridge finance the purchase and renovations through the lender.
Property Documents
Offering Memorandum no pricing 4425.pdf
6.11 MB
Listing Details
- Space Type
Hospitality
- Sub Category
Hotel
- Sale Type
Foreclosure Sale
- Date Listed
5/19/2025
- Parking Info
350 Spaces
Property Specifics
- Property Name
Bank Owned Hotel Redevelopment or Multifamily | 1801 W Pinhook Rd
- Property Class
B
- No of Buildings
1
- No of Stories
6
- Year Built
1981
- Building Size
80,325 SF
- Lot Size
6.14 Ac
- Year Renovated
2015
- APN
6010037
- Zoning
CM