Investment Overview:
Marcus & Millichap, as an exclusive representative of the Seller, is pleased to present for sale to qualified investors the Courtyard Farmington by Marriott & Conference Center in Farmington, New Mexico. The offering is an upscale, select-service, Courtyard Marriott consisting of 125 rooms and a conference center located in the hub of the Four Corners. The Courtyard Farmington by Marriott & Conference Center offers a new investor a significant amount of operational upside while being offered at a substantially discounted price per key. According to the January 2018 Monthly Star Report, the subject property ranked seventh in RevPAR out of the eight hotels in its competitive set. There is also upside in the energy market as the oil & gas industry continues to improve both regionally and nationally. After completion of the Marriott’s mandated property improvement plan, a new owner should immediately be able to improve the hotels RevPAR index penetration by capitalizing on a higher ADR and increased occupancy.
Property Overview:
The Courtyard Farmington by Marriott & Conference Center is a 125-room limited-service hotel located in Farmington, New Mexico. Built in 1999 and renovated in 2007, this four-story hotel boasts common area and guest room hotel amenities such as 5 meeting rooms, wireless internet access, business center, fitness center, indoor pool, whirlpool, on-site parking, gift/newsstand, laundry on-site, and BISTRO. Each room includes a mini refrigerator, pull-out sofa bed, and whirlpool.
Location Overview:
Farmington, New Mexico sits in the northwest corner of the state and is the commercial hub of the Four Corners growing to 150,000-weekend shoppers. The city is approximately 400 miles from Phoenix, Denver, and Salt Lake City with Albuquerque and Santa Fe located 180 miles southeast. The Courtyard Farmington by Marriott and Conference Center sits adjacent to the Animas River and is in close proximity to the La Plata and San Juan Rivers, which all attract recreational demand generators. Other recreational attractions include the Pinon Hills Golf Course (3.5 miles), a top-rated course in the U.S. by Golf Digest. Also, there are 19,000 acres of sandy arroyos, slick rock and rolling terrain, and The Glade (5.3 miles) attracts bikers, hikers, horseback, and off-road vehicle enthusiast to its wide open spaces. The Aztec Ruins National Monument (13.5 miles) and the Salmon Ruins (9.9 miles) are historic Native American sites within the region. Furthermore, there is an upside in the energy market as the oil & gas industry continues to improve regionally, and Hilcorp Energy Company’s (4 miles) main office is located in the city.
Broker of Record:
Matt Reeves
New Mexico
License: NM 19583
