Howard Johnson Springfield

$1,850,000

1701 J David Jones Parkway, Springfield, IL 62702

Details

  • $1,850,000
  • Economy , Limited Service

Investment Overview:

Marcus & Millichap’s National Hospitality Group, as an exclusive representative of the seller, is pleased to present for sale the Howard Johnson Inn & Suites Springfield. The 79-room hotel, built in 2000, features an outdoor pool, business center, and meeting rooms. The Howard Johnson Inn & Suites Springfield is being offered for sale to qualified investors for $1,850,000 or $23,418 per key. Priced with a capitalization rate of 9.40 percent on the year-end 2017 room revenue. This is a value-add opportunity with the possibility of rebranding the property to a different flag. The hotel is performing well below the competitive set and a new investor can take advantage of a more hands-on operation and reduce expenses to increase the bottom line. Inquire for additional details regarding various brands.

Property Overview:

The Howard Johnson Springfield is a 79-room, two-story, limited-service, exterior corridor hotel built in 2000. The property boasts many common area and guest room amenities. Common area amenities consist of bus/truck parking, a business center, meeting room, laundry facility, and an outdoor pool. The guest rooms come equipped with a microwave, refrigerator, work desk, lounge chair, and a flat-screen television with cable channels.

Location Overview:

Springfield is the capital of Illinois, and seated in Sangamon County. The Howard Johnson is in close proximity to several room demand generators which include Abraham Lincoln history, state fairgrounds, and shopping. Within close proximity to the hotel is the historic site of Abraham Lincolns tomb and War Memorials at the Oak Ridge Cemetery (one mile), the Abraham Lincoln Presidential Library and Museum (two miles), and his childhood home (three miles). The Illinois State Fairground is 2.6 miles from the Howard Johnson and hosts a multitude of events, contests, and shopping. Last year the attendance of the 11-day fair included 401,658 people and saw a 15.5 percent increase in guests from the previous year. Furthermore, the Abraham Lincoln Capital Airport is within two miles of the subject hotel.

Agent for this listing

Ebrahim Valliani

Senior Associate, National Hospitality Group
Office: (630) 570-2177
Mobile: (773) 331-5340
Fax: (773) 867-1510 fax
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Michael Klar

Associate, National Hospitality Group
Office: (630) 570-2175
Mobile: (248) 914-2183
Fax: (773) 867-1510
Other listings

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