Opened around 2005 this Hotel features about 120 guestrooms and suites in a four-story, interior corridor structure. Additional features include a restaurant, lounge and outdoor dining patio, 4,500 square feet of meeting space, a business center, an indoor swimming pool and exercise facility and a guest laundry. The food and beverage facilities are leased to a third party operator.
The Hotel is located in a Midwestern market with an MSA population of about 200,000 people and is considered to be a small town/urban location. Area demand generators include Fortune 500 corporate headquarters, universities, commercial and manufacturing facilities. A newly opened industrial manufacturer is bringing thousands of additional jobs to the market.
Given the current condition of the Hotel, any required PIP is expected to be very reasonable. The Property was lasted PIP'ed in 2016 and additional improvements were made as recently as 2019 meaning that the Hotel has been well maintained including its systems and structural components. However, the successful purchaser will need to coordinate with the franchisor regarding any current PIP requirements and timing for completion.
We have several lending sources that have expressed interest in funding projects of this nature.