Holiday Inn Express & Suites

Kentucky, United States

$7150000

Sale conditions:

Snapshot

In Contract

Ownership: Leasehold
Type: Hotel
Sub Type: Limited Service
Brand: Holiday Inn Express
Corridor: Interior
No. of Keys: 63
Site Size: 3.150 AC

The 63-room Holiday Inn Express Pikeville opened in February 2006, constructed of concrete block (per Marshall Evaluation Service) and situated with leasehold interest on 3.15+ acres. The land lease is very reasonable at $27,100 per year varying with room revenue changes and runs through 2063. The Formula Blue renovation is substantially complete. Still to be done are window treatments, parking lot, stairwell carpet and miscellaneous items. The PIP report is included in the due diligence files. With the renovated rooms, revenues and RevPAR are well ahead of the comp set in 2020 and 2021. The $1,800,000 room revenue in 2019 was up 12.2% over 2018. COVID-19 caused a drop to $1,400,000 room revenue or about 22%. Most corporate hotels saw as much as 40% - 50% drops in 2020 revenues. The Holiday Inn Express Pikeville was fortunate to be less than half.

Highlights:

General Property Information


Property Name:
Property Type: Hotel
Property Sub Type: Limited Service
Brand: Holiday Inn Express
Corridor: Interior
Keys: 63
Building Status: Existing
No. of buildings: 1
Stories: 4
Building size(SF): 42081
Site size: 3.150 AC
Meeting Space: 576 SF
Parking Type: Surface
Construction Type: Reinforced Concrete
Year Build: 2006
Year Renovated: 2020
Room Inventory Description:

63 guest rooms, broken down as follows:
1- King ADA with roll-in shower
1- Double ADA
2 - ADA King suites
21- Kings
17 - Doubles
1 - two-room suite with two doubles, side room with tv and sofa bed
6 - Double suites
2 - Executive King suites
4 - King Jacuzzi suites
8 - King suites

Common area amenities:

Business Center

High Speed Internet

Breakfast Area

Exercise Room

Indoor Pool

Source of Business:

Government

Group

Corporate

Leisure

Additional Links:

Location


Country: United States
State: Kentucky
Postal Code:
APN/Parcel ID:
Location Type:
Location Overview:

Brokers

H Brandt Niehaus, CHB CCIM

President
Huff, Niehaus & Associates, Inc.

AL #BRK 000083739 0
IN #RB14024457
KY #26654
MA #BRK 1000095
OH #BRK 0000352563
TN #00274520

502 254 7787
brandt@huffniehaus.com


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