High-Quality, Extended-Stay Asset in Excellent Location: The all-suite Staybridge Suites Lafayette is an upscale IHG-branded Hotel featuring 118 spacious guest rooms and several amenities of a well-positioned, Extended-Stay asset, including guest rooms with full kitchens, on-site fitness center, laundry facilities, 24-hour business center, and an outdoor pool. Located at the intersection of Kaliste Saloom Road and Pinhook Road, the property benefits from its accessibility to various local and regional demand generators. The Property is minutes away from the Lafayette Regional Airport, Lafayette General Medical Center, the University of Louisiana at Lafayette, and the Cajundome Convention Center.
Significant Repositioning Opportunity via Renovation: Although the Property has been incredibly well maintained, a new buyers’ strategic investment should increase contract, transient, and group bookings. The Hotel’s future earnings are projected to improve dramatically as the change-of-ownership PIP will provide a catalyst for increased revenues and profitability.
Strong Revenues with Room for Growth: The subject property has achieved a total revenue greater than $2.5M through year-end 2020 and is expected to be a top performer amongst its STR defined Market Competitive Set. In 2019, the Hotel achieved a room revenue greater than $2.9M. After completing the outstanding Property Improvement Plan (PIP), a prospective investor should be able to capitalize on the anticipated increase in RevPAR, not only benefiting from increased market share but also higher NOI flow-through.
Unencumbered of Debt with Management Optionality: This offering provides an investor the ability to acquire the Property unencumbered of debt and management. Initiatives to improve property operations exist for a new owner, including the opportunity to increase market penetration, and employ various cost control and yield management strategies.
InterContinental Hotels Group-Branded Asset: The Hotel can maintain brand affiliation with InterContinental Hotels Group (IHG), one of the trusted names in hotels, and greatly benefits from the IHG Rewards loyalty program. For over 75 years, IHG has continued its leadership and brand recognition amongst travelers, owners, and franchisees. The Hotel benefits from its brand affiliation and its reservation system, driving increased demand and ultimately increased overall profitability.
Attractive Basis at Discount to Replacement Cost: The Hotel represents a unique opportunity to acquire the fee-simple interest in an asset located in Lafayette’s bolstering oil center district at a price expected to be well below replacement cost.
Property Overview:
The Staybridge Suites Lafayette - Airport is a 118-room, upscale hotel located in Lafayette, LA. Built in 2009, this four-story hotel is equipped with an outdoor pool and whirlpool, business center, fitness center, laundry facilities, a sundries market, barbecue area, basketball court, and a meeting room. Guest room features include a flat-screen television as well as a full kitchen and living room space.
Location Overview:
Cajundome convention center is a multi-million-dollar facility that can accommodate 25-5,000 people with the Exhibit Hall offering 37,000 square feet of exhibition space, as well as the Festival Ballroom offering an additional 12,000 square feet of meeting space perfect for breakout sessions, banquets, and wedding receptions. Hosting everything from Mardi Gras Balls, Trade Shows, and even Concerts, more than 1,000,000 people visit the Cajundome Arena & Convention Center annually and is located 3.7 miles from the hotel. The Cajundome Arena contains 13,500 multi-purpose seats where the Ragin’ Cajun basketball programs compete, and it holds the annual outdoor Cajun Heartland State Fair attracting over 175,000 people for the event.
Vermilionville is a 23-acre historic and folklife park along the banks of the Bayou Vermilion that depicts the Acadian, Creole, and Native American cultures from the time period 1765-1890 drawing more than 50,000 visitors annually from around the world. The park includes the Healer’s Garden, Artisans that work daily to provide a glimpse back in time, historic homes, and breathtaking exhibits, and is located only 2.6 miles from the airport.
The LHC Group, located 1.8 miles from the hotel is an in-home healthcare service company based in the city, announced an expansion of 200,000 square feet adding 500 new local jobs to the region. The investment into Lafayette will total $46 million, and the first phase will begin immediately.
Kopter, a Swiss helicopter manufacturer, announced the region will be the home of its U.S. subsidiary and will take up residence in the vacated Bell Helicopter facility, an 84,700-square-foot turnkey solution. The state is providing Kopter $2.5 million of economic incentives to help it establish a presence.
The Lafayette Regional Airport serves over 400,000 passengers annually with destinations to major airports in Dallas, Houston, and Atlanta. The airport is currently undergoing major renovations including a new terminal building expansion set for completion in 2021.
Broker of Record
Chris Shaheen
License: LA 0095692662-ACT
