metro
08-21-2007, 07:36 AM
Hotel planned for land along I-40
August 21, 2007
OKLAHOMA CITY – An area of unimproved land at Interstate 40 and Mustang Road in Oklahoma City sold last week, with plans for a new hotel in the works. Steve Lay, with Thomas Lay Realtors, handled the sale of a total of just over 11 acres in two transactions. One portion of the land, nearly 8.84 acres, sold for $1.18 million. From there 2.38 acres sold for $360,000 specifically for a hotel. Lay said the buyer and developer have not yet announced plans for the remainder of the land.
The buyer was HBIC LLC and the seller was Mustang Crossing LLC. HBIC then turned around and sold the 2.38 acres for the hotel to YLQ Inc.The land is at the southwest corner of I-40 and Mustang Road, and while it is in Oklahoma City it falls within Canadian County. Several hotels have already been built or are planned for the surrounding area. Lay said there is a neighboring Best Western Inn & Suites now with a La Quinta Inn & Suites planned next door. He said the developers of the La Quinta plan to break ground soon. The hotel set for the recently purchased land will be next door to the La Quinta. Lay said the developers are calling the area Mustang Crossing.
Last year, Lay sold a neighboring site for a Braum’s Ice Cream and Dairy Store as well as the land for the La Quinta.The closing was handled by Barbara Chatman with American Guaranty Title Co.
August 21, 2007
OKLAHOMA CITY – An area of unimproved land at Interstate 40 and Mustang Road in Oklahoma City sold last week, with plans for a new hotel in the works. Steve Lay, with Thomas Lay Realtors, handled the sale of a total of just over 11 acres in two transactions. One portion of the land, nearly 8.84 acres, sold for $1.18 million. From there 2.38 acres sold for $360,000 specifically for a hotel. Lay said the buyer and developer have not yet announced plans for the remainder of the land.
The buyer was HBIC LLC and the seller was Mustang Crossing LLC. HBIC then turned around and sold the 2.38 acres for the hotel to YLQ Inc.The land is at the southwest corner of I-40 and Mustang Road, and while it is in Oklahoma City it falls within Canadian County. Several hotels have already been built or are planned for the surrounding area. Lay said there is a neighboring Best Western Inn & Suites now with a La Quinta Inn & Suites planned next door. He said the developers of the La Quinta plan to break ground soon. The hotel set for the recently purchased land will be next door to the La Quinta. Lay said the developers are calling the area Mustang Crossing.
Last year, Lay sold a neighboring site for a Braum’s Ice Cream and Dairy Store as well as the land for the La Quinta.The closing was handled by Barbara Chatman with American Guaranty Title Co.