140 Holiday Blvd, Covington, LA 70433
The Staybridge Suites located in Covington, Louisiana, exclusively marketed by Marcus & Millichap, offers investors an opportunity at a premier upper scale extended stay brand. This IHG-branded asset, constructed in 2009, is offered well below replacement costs at $65,000 per room.
The subject property, with absentee ownership, is offered unencumbered currently operated by an out-of-state Third Party management company.
On the contrary, savvy investors will notice this property ($92.06) has consistently fallen below the comp set ($97.21) in ADR despite its upper scale amenities. Ultimately, this disparity results in a RevPar gap ($62.98) vs the comp set ($64.35).
The Staybridge Suites is currently being offered for sale at $6.5M. Based on TTM March 2017 Net Operating Income of approximately $518.544, this represents a capitalization rate of 8%. New Ownership will be required to complete IHG PIP…see agent for details.
Staybridge Suites is ideally located off Hwy 190, near Interstate 12, which allows guests easy access to many of the local focal points of the area. This area continues to be one of the fastest growing communities in the nation. Close proximity to New Orleans (35 miles), transportation accessibility (Interstate 10, 12, 59), low business costs, availability of labor, excellent school system, low crime rate and world class medical facilities are important factors as to why companies are gravitating towards this part of the state.
Furthermore, the unique scenic views of local bayous blended with the talents of local artists allow this area to be a continued hot spot for the leisure traveler.
Agent for this listing
Associate, National Hospitality Group
Office: (225) 753-4881
Mobile: (225) 892-4181
Fax: (225) 376-6710