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Quality Inn & Suites | 92 Keys | 3.9x

500 N. Trimble Road
Mansfield, OH 44906
PRICE : $4,000,000
PROPERTY TYPE: Hospitality
BUILDING SIZE: 30,000 SF
YEAR BUILT: 1987

Highlights

  • Room Revenue Multiplier: 3.9x
  • Conservative Pro Forma cap rate: 8.2%
  • Price per key: $43,500
  • PIP: Less than $100,000
  • Pro Forma levered IRR: 22.85%
  • Pro Forma year 2 cash-on-cash: 13%
  • 20 additional spec rooms can be brought online
  • Broker of Record: Craig Cohen of Cohen Commercial Group, OH License# REC.2010001213

Description

Bull Realty is pleased to offer, on an exclusive basis, the opportunity to acquire the fee-simple interest in a 92-key interior corridor Quality Inn & Suites in Mansfield, Ohio, unencumbered by management, and this opportunity presents huge operational upside potential.

The hotel is underperforming the market in occupancy and ADR due to absentee ownership and poor property management. New ownership can complete a minimal change of ownership PIP and implement an aggressive asset management strategy to regain room night market share and drive rate. There is also an additional 20 keys, currently to spec, that could be brought online or converted to extended stay rooms.

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