Bank Owned Hotel Redevelopment or Multifamily 1801 W Pinhook Rd

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.
The property has a large amount of indoor public space and parking lot space. The current configuration of the indoor public space has two retail spaces (±2,600 SF and ±3,500 SF) with parking lot entrances. While the property was an operational hotel, 13,000 SF was used for meeting space. The hotel has enough parking spaces (350) to convert some of the parking at the front of the lot near the street entrance into a retail pad.
Lafayette continues to experience a modest 1% population annual growth post COVID. The city’s growth is fueled by an increasing set of colleges, a unique culture – named the happiest city in the US by the Bureau of Economic Research – attracting work from home employees, and a business-friendly environment which continues to attract new businesses, such as First Solar’s $1.1 billion Broussard Solar Plant and other tech-related businesses.
Construction in Lafayette allows developers to capitalize on inexpensive labor rates. Per the May 2023 National Occupational Employment and Wage Estimates released in April of 2024 by the Bureau of Labor Statistics construction laborers have a median pay 7% less than the statewide average and 19% less than the US average.
With the building’s diverse zoning, varied demand generators, solid economic outlook, current blank slate state, and available financing from the seller, developers have a wide array of financially, technically, and legally feasible uses to pursue in a strong real estate market.