Lufkin Texas: New Hotel Development Opportunity!
The historic East Texas city of Lufkin is interested in the development of a new hotel in their downtown area. Naturally the Director of Tourism & Marketing for the city of Lufkin reached out to Source Strategies to commission a Feasibility Study for a new select service hotel and the results look promising.
In the recently completed financial feasibility study, Source Strategies examined the need for a select service hotel in the city, and for this study used Hyatt Place as an example branded hotel. Incorporated in 1890, Lufkin is the county seat and largest city in Angelina County, about 60 miles west of the Texas-Louisiana border. The hotel’s location in downtown Lufkin will be near the Pitser Garrison Civic Center and numerous other downtown attractions and demand generators. The hotel is expected to have city support and advertising, with enhanced amenities including some small but intimate food and beverage options.
Lufkin is the regional hub in East Texas with miles of forests, beautiful parks, plentiful recreational activities and is home to the Texas Forestry Museum. The city features the charming art deco Pines Theater, as well as the Temple Theater which hosts national music and theater shows. These venues are being showcased in the new Cultural District.
The downtown location will serve central Lufkin, the Lufkin medical center, and numerous businesses. Market growth has been strong for the area over the past nine years, and expectations are for this trend to continue.
Source Strategies President Todd Walker notes that “Lufkin is central to a large area of East Texas and Louisiana with numerous demand drivers. This area is in need of a new hotel and this is a great opportunity for both an outside developer and the local community.” The City of Lufkin and the Lufkin Convention and Visitors Bureau strongly supports this project.
With any Feasibility Study, Source Strategies looks at a variety of factors about the specific project, the wider surrounding market, overall market conditions and the impact of recent events like the COVID-19 Pandemic. The Lufkin area was less impacted by the pandemic, as were many leisure-focused markets. Robust demand growth through the end of 2022 portends a quick and solid recovery for the area.
Take a look at an excerpt from the feasibility study to get a feel for the potential. Contact Source Strategies if you are interested in this opportunity and we can send you the full feasibility study.
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