About the property
The DoubleTree Hotel Tulsa Downtown is an eighteen-story, 417 room property with approximately 24,000 square-feet of meeting space with a skywalk to the adjacent 310,00 square-feet Cox Business Center, Tulsa’s primary convention facility. The Property is currently undergoing an approximately $7 million renovation that includes a full refresh of the rooms, complete refurbishment of the fitness center and a lobby renovation.
Location
Tulsa, Oklahoma
Acquisition Price
$10.9 Million
Deal Sourcing
Broken Process
Hold
January ’18 - July ’21
Sale Value
$23 Million
Returns*
12% LIRR
1.5x MOIC
*Sale negatively impacted by COVID-19
Value Creation
Invested $7 million in renovations
Converted property to a third-party managed hotel
Restructured sales and marketing team
Significantly reduced operational expenses
Established preferred relationships with Cox Convention Center
