Property Overview
Overview
Current renovations include interior & exterior painting, upgrading room linen, bathroom fixtures and in room appliances. New exterior lighting and signage for the property. Kenedy’s central location in the Eagle Ford Shale allows for easy access to the ports at Corpus Christi.The shale and fracking business continue to return post Covid. City of Kenedy is pursuing other sources of visitors other than the oil industry.
Area Description
Location
Texas South Area is among the largest U.S. hotel submarkets and contains around 26,000 rooms spread across some 450 properties. That amounts to roughly two-thirds of the Texas South market’s total room inventory. Like the market, Texas South Area is characterized by small hotels and inns. The average hotel has 57 rooms, not far from the market average, but easily below the national norm of about 90 rooms per building.
COVID-19 severely impacted the entire U.S. hospitality sector, the Texas South Area hotel submarket included. At the low point, occupancies collapsed in April of 2020. But with the worst of the pandemic now in the rearview mirror, conditions are improving.
Twelve-month RevPAR in the Texas South Area hotel submarket was up sharply as of September 2022 and climbed at a 23.0% year-over-year rate. That’s stronger than the otherwise considerable 15.7% increase observed market wide.
Texas South Area houses a robust market for hotel investment and recorded about 13 hotel trades over the past year—consistent with the number of trades that typically close each year.
