Ten-X Auction - Dates: Apr 3 - Apr 5, 2023 - Starting Bid: $700,000
- Three-Story, 61-Room, Choice Hotels-Branded Hotel Expected to Trade Well Below Replacement Cost
- Easily Accessible and Highly Visible from the Interstate 72
- Situated Under 8 Miles from Abraham Lincoln Capital Airport and University of Illinois Springfield
- Surrounded by a Diverse Array of Nationally Acclaimed Retailers, Restaurants, and Entertainment Amenities
- Offered Fee-Simple, Unencumbered by Management Contract or Debt
Investment Overview
As the exclusive representative of the seller, Marcus & Millichap's National Hospitality Division is pleased to present for sale to qualified investors the Sleep Inn Springfield West (‘Hotel’ or ‘Property’) located in Springfield, Illinois. The Choice Hotels-branded Hotel is offered at on a “call for offers” basis. Please reach out to the listing agent for more information.
The Sleep Inn Springfield West is a 61-room, three-story Hotel stationed at 3470 Freedom Drive in Springfield, Illinois just off Interstate 72. Various common area amenities at the Property include a breakfast area, business center, and a lobby sitting area.
Springfield, the county seat of Sangamon County, has a population of just over 115,000 and is the sixth most populous city in the state. It is also the largest city in central Illinois and the second largest outside of Chicago. Being centrally located within the state, the area serves as a hub of economic activity and is a popular national historical site that attracts over a million tourists annually. One of the main attractions for visitors is the Lincoln Presidential Museum, which includes Lincoln's home and final resting place. The city is proud to be associated with the legacy of the great President, and his historical significance is a huge draw for tourists. Apart from the Lincoln-related sites, there are many other tourist attractions in the city, including Frank Lloyd Wright's Dana-Thomas House, the Old State Capitol State Historic Site, Knight's Action Park, and Caribbean Water Park. All these sites bring in a significant number of visitors, making Springfield a popular tourist destination.
Springfield has a large healthcare sector, which is a major employer in the area. The industry employs over 13,000 residents and includes Memorial Health System, St. John's Hospital, Hospital Sisters Health System, and Springfield Clinic. Additionally, the State of Illinois is also a large employer, with nearly 18,000 people working in government-related jobs.
In 2022, the Hotel recorded room revenues of over $564 thousand and a RevPAR of $25.34. The Hotel is slated to grow its RevPAR to $35.29 and room revenues to over$785 thousand next year. A prospective buyer should be able to capitalize on the anticipated increase in RevPAR from better revenue management, not only benefiting from increased market share but also higher NOI flow-through.
Broker of Record
Steven Weinstock
Illinois
License: IL 471.011175
