Holiday Inn Express & Suites
Type: Upper Midscale Select Service Location: Small Metro Market - Midwest Region Number of Rooms: 86 Meeting Space: 1500 Sq. Ft. Year built: 1999 Corridors: Interior Parking: Surface lot Parking Spaces: Approximately 105 Number of Buildings: 2 Stories: 3 Amenities: Indoor pool, fitness center, guest laundry, business center, electric vehicle charging station. For Period Ending: Trailing 12 as of December 2021 Occupancy: 75.3% Average Daily Rate: $104.33 Financing: N/A Leasehold or Fee Simple: Fee Simple Franchise: Holiday Inn Express & Suites Status: Sold
Very well kept three-story, interior corridor property with 86 guestrooms and suites and a major franchise, located in a community with an MSA population of approximately 200,000.
The market is headquarters to a major Fortune 500 company as well as other corporations, universities, manufacturing and commercial developments and many other demand generators. A new electric vehicle company has recently located in the market and has opened a plant which has created about 2,500 new jobs in the area and is expected to add an additional 2,500 jobs in the near term.
Like the hotel industry in general, this hotel experienced a major downturn in 2020 due to the pandemic but has rebounded back to exceed its highly successful 2019 business levels with almost $2.5 million in room revenue in 2021.
The successful purchaser will need to implement a Formula Blue PIP in order to receiver a new franchise. A PIP has been written and is available for review. Most of the improvement will occur in the hotel's guestrooms. We believe that there is real upside for the hotel's ADR (perhaps $15 or more) once the PIP is implemented.