Lodging Partners, LLC is pleased to offer for sale on Ten-X the fee simple interest in the 129-unit Suburban Studios near University of North Carolina located in Charlotte, NC. Charlotte is one of the most vibrant entertainment, office, and retail districts in the southeast, as well as the third-largest financial center in the U.S.

This acquisition offers an investor a great opportunity to purchase an interior corridor extended stay hotel from an absentee owner at a significant discount to replacement cost. The Hotel is offered unencumbered by management, so a new owner will be well-positioned to capitalize on this market’s continued strong economic growth and broad corporate and leisure demand.

Upside Potential - This property presents a compelling opportunity for revenue growth, especially with proactive hands-on management and focused sales efforts. A cosmetic renovation to the Hotel could substantially enhance its ADR. In 2022, the property's RevPAR lagged behind the Suburban Brand's average RevPAR in the Carolina region by 23%. A change in ownership has the potential to deliver significant bottom-line improvements. These include a room renovation, which would boost top-line revenue and elevate the Hotel's RevPAR index. Additionally, a strategic overhaul of revenue management and cost reduction measures can drive substantial improvements in the hotel's overall profitability.

The Hotel is offered unencumbered by management which will allow a new owner the opportunity to customize and implement management strategies, aggressively market the Hotel, and re-engineer revenue management tactics to enhance value.

Extended stay economy product is widely revered as recession-proof and remains a favorite investment sector amongst private and public investors. The Hotel has a high-margin business model that is ideally positioned for any economic climate given limited labor requirements with no sales department or food & beverage offering.

Highlights:

Room Inventory Description:

All the Apartment-Style Suites include full kitchens complete with stove top, full-size refrigerator, microwave, coffee maker, toaster, and kitchenware. The unit configuration of the Hotel consists of the following: 46 Double Double, 15 King Standard, 67 Queen Standard, and 1 Large 2-bay Manager Apartment. The Hotel also features Guest Laundry facilities & Weekly housekeeping service.

Common area amenities:

Source of Business:

Sale Note:

TEN-X AUCTION INFORMATION

Auction Date: October 30th - November 1st
Starting Bid: $2,400,000

Please follow the Ten-X link below for more information.

Property tours are available on October 17th, October 18th, and October 24th by appointment only. Please contact Ford Barton to schedule at Ford@Lodging-Partners.com or Erin Zitelli-Davis at Erin@Lodging-Partners.com.

Please DO NOT contact the staff, management, or ownership of the Hotel to request additional information or to arrange a site tour.

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