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Courtyard Reading Wyomissing Reading, Pennsylvania Offering Memorandum Courtyard Reading Wyomissing Reading, Pennsylvania COURTYARD READING WYOMISSING READING, PENNSYLVANIA OFFERING MEMORANDUM COURTYARD READING WYOMISSING READING, PENNSYLVANIA NATIONAL REACH. LOCAL KNOWLEDGE. Teague Hunter Trey Scott David Perrin Jatin Patel Blair Revercomb President Vice President Vice President Associate Analyst [email protected] [email protected] [email protected] [email protected] [email protected] 770-916-0300 404-550-4231 770-701-2199 770-916-0300 770-916-0300 / PREPARED BY HUNTER HOTEL ADVISORS / 1 COURTYARD READING WYOMISSING TABLE READING, PENNSYLVANIA OF CONTENTS Executive Summary ............................................................................................................................3 Property Description ...........................................................................................................................7 Financial Overview ........................................................................................................................... 11 Market Summary .............................................................................................................................. 13 Disclaimers and Disclosures ......................................................................................................... 19 About Hunter ..................................................................................................................................... 20 / PREPARED BY HUNTER HOTEL ADVISORS / 2 COURTYARD READING WYOMISSING EXECUTIVE READING, PENNSYLVANIA SUMMARY Recently Renovated Cash-Flowing Asset Property Overview The opportunity to acquire the recently renovated Courtyard Reading Wyomissing represents the addition of a growing revenue stream. The hotel Address 150 North Park Road, Reading, PA 19610 has consistently achieved a RevPAR of approximately $100, resulting in a TTM Date Opened 2009 July 2016 Topline Revenue of approximately $5.1M and an NOI of $1.9M. This NOI represents a 38.4% margin, indicating that it is being operated efficiently Ownership Interest Fee simple with solid revenue management. Number of Rooms 135 Guestrooms Structure 6 Stories Prime Location in Ramping Market Restaurant: The Bistro; Business center; Fitness center; This asset is ideally located between major demand generators in Reading and Amenities Indoor pool and whirlpool Wyomissing. The Courtyard is located across the street from the popular VF Outlet Center, which features stores, restaurants, and entertainment options. Meeting Space 3 meeting rooms (2,341 square feet) Nearby job centers and educational institutions include the Reading Hospital First Energy Stadium; Reading Hospital and Medical & Medical Center, the Penn State University Berks Campus, and the Reading Center; Alvernia University; Albright College; VF Outlets; Maple Grove Raceway; Santander-Arena; GoogleWorks Area Community College. Demand Generators & Attractions Center for the Arts; Crystal Cave Park; Ontelaunee Orchards Inc & Corn Maze; Roadside America; Competitive Set Leader Shocktoberfest; Koziar’s Christmas Village The Courtyard is performing well in a strong Competitive Set and is 2 of 5 in Occupancy, 2 of 5 in ADR, and 2 of 5 in RevPAR, with index penetrations well above 100% for all metrics. As of TTM July 2016, the hotel is achieving a 125.1% index penetration in Occupancy, a 123.4% index penetration in ADR, and a 154.4% index penetration in RevPAR. These numbers suggest that the Courtyard is capturing far more than its proportionate share of the market, making it more resilient to external economic shocks. / PREPARED BY HUNTER HOTEL ADVISORS / 3 COURTYARD READING WYOMISSING EXECUTIVE READING, PENNSYLVANIA SUMMARY 2014 2015 TTM July 2016 Occupancy 80.1% 76.6% 69.7% ADR $129.20 $136.68 $131.24 RevPAR $103.43 $104.72 $91.50 Revenue Per Room $37,752 $38,222 $33,488 Room Revenue $5,096,542 $5,160,022 $4,520,922 Total Revenue $5,680,605 $5,804,995 $5,113,377 NOI* $2,336,034 $2,435,681 $1,965,974 NOI % 41.1% 42.0% 38.4% *After 3% Management Fee and 4% FF&E Reserve / PREPARED BY HUNTER HOTEL ADVISORS / 4 COURTYARD READING WYOMISSING INVESTMENT READING, PENNSYLVANIA CONSIDERATIONS Courtyard By Marriott Marriott’s largest brand by distribution, Courtyard has a legacy of impressive performance that include consistent delivery of high returns and solid RevPAR to owners. Courtyard owners also benefit from Marriot’s robust demand generation engine that drives top-line revenue while maximizing bottom-line savings. Courtyard has long led the industry when it comes to meeting the needs of the modern business traveler. Since breaking into the market 30 years ago as a brand built for business, Courtyard has continuously evolved, pushing the boundaries of design, style and service in the upscale category. Courtyard has introduced game-changing amenities like The Bistro – a leading fast casual restaurant – as well as guest insight-driven innovations like the GoBoard and collaborative lobby spaces. With a new, more flexible prototype that fits a wide range of site needs and the largest global rooms pipeline in the Marriott portfolio, Courtyard is poised to deliver owners even greater success in the future. Courtyard by Marriott Highlights • Nearly 1,050 hotels and locations in all 50 U.S. states and over 45 countries • A robust pipeline of 285+ hotels • 924 hotels open in U.S. and Canada; 166 hotels in pipeline in U.S. and Canada • 1,047 hotels open globally; 285 hotels in pipeline globally • 110.4% average RevPAR Index • Marriott Rewards Member Paid Nights represent 56% of total Courtyard Nights • Marriott’s channels generate 66.3% of Courtyard’s reservations Unencumbered by Management The Courtyard is being offered unencumbered of current management with Concord Hospitality. Unencumbered by Debt The Courtyard is being offered unencumbered of debt. Franchise & Property Improvement Plan (PIP) The change of ownership PIP for the Courtyard will be minimal due to recent renovation. The franchise license provides a high level of traveler allegiance and recognition, an excellent computerized reservation system, and Marriott’s popular “Marriott Rewards” guest loyalty program where guests earn free lodging. / PREPARED BY HUNTER HOTEL ADVISORS / 5 COURTYARD READING WYOMISSING READING, PENNSYLVANIA / PREPARED BY HUNTER HOTEL ADVISORS / 6 COURTYARD READING WYOMISSING PROPERTY READING, PENNSYLVANIA DESCRIPTION Guest Rooms and Amenities Food and Beverage Guest rooms in the Courtyard are furnished with comfortable amenities and The Courtyard features The Bistro, the hotel’s food and beverage outlet that modern décor. Guest rooms include premier linens, work desk, ergonomic serves Starbucks coffee during the breakfast meal and beer and wine during chair, and complimentary Wi-Fi. Suites feature flat-screen television, with the evening. A 24-hour sundry store is also on-site for guests to purchase food high-definition channels, that swivel so guests can watch television from the to prepare in their rooms. In addition to the restaurant and convenience store, bed or the sofa. Other amenities include a business center and fitness center. many local restaurants deliver dinner to hotel guests and there are restaurants within walking distance. / PREPARED BY HUNTER HOTEL ADVISORS / 7 COURTYARD READING WYOMISSING COMPETITIVE READING, PENNSYLVANIA SET Competitive Set Hotels Courtyard Reading Wyomissing Crowne Plaza Reading The Inn at Reading Hampton Inn Reading Wyomissing Homewood Suites Reading 150 N Park Rd 1741 Papermill Rd 1040 N Park Rd 1800 Papermill Rd 2801 Paper Mill Rd Address Reading, PA 19610 Reading, PA 19610 Wyomissing, PA 19610 Wyomissing, PA 19610 Reading, PA 19610 Miles to Subject N/A 1.7 0.7 1.6 3.3 Opened 2009 1974 1962 1987 1999 # Rooms 135 253 170 142 119 Stories 6 5 1 5 4 1 restaurant: Prime Steak and Wine 1 restaurant: Publick House 1 bar/lounge: Goodnites Lounge Complimentary hot breakfast F&B 1 restaurant: The Bistro Restaurant and Tavern Complimentary hot breakfast and Nightclub Complimentary evening social 1 bar: The Cabana Bar Room service 3 meeting rooms 6 meeting rooms 15 meeting rooms 1 meeting room 1 meeting room Meeting Space 2,176 square feet 20,000 square feet 21,664 square feet 950 square feet 260 square feet Fitness center Fitness center Fitness center Fitness center Fitness center Business center Business center Business center Business center Additional Amenities Business center Outdoor pool Indoor pool Outdoor pool Indoor pool Indoor pool Sundry shop Sundry shop Bakery Sundry shop Basketball court / PREPARED BY HUNTER HOTEL ADVISORS / 8 COURTYARD READING WYOMISSING READING, PENNSYLVANIA HOMEWOOD SUITES READING Hampton INN READING THE INN AT READING WYOMISSING CROWNE PlaZA READING / PREPARED BY HUNTER HOTEL ADVISORS / 9 COURTYARD READING WYOMISSING COMPETITIVE READING, PENNSYLVANIA ANALYSIS STR June 2016 Smith Travel Research reports the following historical and comparative data for the Subject Asset. The Competitive Set is taken from those hotels that management considers to be in direct competition with the Courtyard. The Courtyard has achieved consistently high index penetrations across all metrics, indicating it is performing well in its Competitive Set. As of TTM June 2016, the hotel achieved a 125.1% index penetration in Occupancy, a 123.4% index penetration in ADR, and a 154.4% index penetration in RevPAR, making it 2 of 5 in the Competitive Set. The Hotel’s RevPAR is $93.35 in comparison to the Competitive Set average of $60.46. Subject & Competitive Set Historical
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