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Holiday Inn Evansville Final Pending Approval

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Holiday Inn Evansville Final Pending Approval Confdential Offering Memorandum Exclusively Offered By: Holiday Inn Evansville Airport Rosano Partners Table Of Contents Executive Summary .................................... 3 Sales Comparables & Financials ............ 10 Competitors ................................................ 17 Market Overview ........................................ 20 Disclaimer ..................................................... 30 Contact .......................................................... 31 7101 US Highway 41 N, Evansville, IN 47725 Rosano Partners // Ofering Memorandum 2 Executive Summary Confdential Offering Memorandum Holiday Inn Evansville Airport Rosano Partners // Offering Memorandum 3 Property Holiday Inn Evansville Airport Executive Summary Name Address 7101 U.S. Highway 41 North, Evansville, IN 47725 Price Rooms Price / Rm Going-In Cap Rate HG Renovation Award (2012); Trip Advisor Certificate of Excellence (2013); IHG HeartBeat Award for best increase in customer satisfaction Awards scores for the ENTIRE region of 47 hotels (2013); Allegra Lounge voted $14,000,000 199 $70,352 7.61% Best Bar in a Hotel by News4U Magazine (2014); Trip Advisor Certificate of Excellence (2014). • Interstate 64 • U.S. Highway 41 RosanoRosano Partners’ Hotels && HospitalityHospitality Group,Group, asas exclusive exclusive representative representative of of Access Omninet Hotel LP (the “Seller”), is pleased to offer for sale the 199-room • Interstate 164 • Lloyd Expressway Omninet Hotel LP (the “Seller”), is pleased to offer for sale the 199-room Holiday Holiday Inn Evansville Airport (the “Hotel” or the “Property”). The Property is Visibility Excellent visibility from U.S. Highway 41 Inn Evansville Airport (the “Hotel” or the “Property”). The Property is located in situated in the Evansville, IN-KY metropolitan statistical area (“MSA”), the Building the Evansville, IN-KY metropolitan statistical area (“MSA”), is the regional hub for Five-story, Atrium-Style Hotel regional hub for the Illinois-Indiana-Kentucky Tri-State Area. The Hotel is Overview theconveniently Illinois-Indiana-Kentucky located within (“Tri-State”)a 4-minute shuttleArea. The ride Hotel from is Evansville conveniently Regional located Guest 199 guest rooms withinAirport a and4-minute within shuttle close proximityride from toEvansville downtown Regional Evansville Airport and and a varietywithin closeof Rooms Room Type Mix: King = 94 | Queen / Queen = 105 proximitycorporate, to medical, downtown manufacturing, Evansville and and a variety leisure of demand corporate, generators. medical, manufac- turing, and leisure demand generators. Food & • Allegra Lounge, full service restaurant, Hot Breakfast Buffet daily This offering represents a unique opportunity to acquire a high-yielding, Beverage • Full menu room service Thisinstitutional-quality, offering represents full-service a unique hotel, opportunity offering to meaningful acquire a high-yielding, value institu- tional-quality,enhancement full-service opportunities. hotel, offering meaningful value enhancement opportu- nities. Flexible meeting space totaling 11,058 SF Meeting Acquired in 2011, the Property was converted to the Holiday Inn Evansville • Banquet Hall / Ballroom • Lobby Atrium Facilities AcquiredAirport and in 2011, underwent the Property extensive was renovations,converted to theearning Holiday it multiple Inn Evansville awards Airport • Boardrooms (3) • Breakfast Room andincluding underwent the 2012 extensive Renovation renovations, Award earningby IHG. itFrom multiple acquisition awards toincluding present, the 2012Seller Renovation has invested Award over by $3.3 IHG. million From onacquisition guest room to present, and facilities Seller has invested improvements. Other • Business centers • Indoor whirlpool spa over $3.3 million in guest room and facilities improvements. Amenities • Fitness center • Guest laundry facility The Hotel offers a high-quality dining experience in the award-winning & Services • Indoor swimming pool • Sundry shop The Hotel offers a high-quality dining experience in the award-winning Allegra Allegra Lounge and Bar, a large ballroom and flexible meeting facilities that Lounge and Bar, a large ballroom and fexible meeting facilities that can accom- can accommodate groups larger than 500 people. In total, the Hotel boasts Year Built 1988, Renovated 2012 modate11,000 squaregroups feetlarger of than meeting 500 people.and event In total,space, the which Hotel is boasts frequently 11,000 utilized square Building 160,000 SF feetto host of meeting corporate and events, event weddings,space, which reunions is frequently and other utilized large to social accommodate events. Area corporate events, weddings, reunions and other large social events. The Hotel The Hotel also offers a heated indoor swimming pool and whirlpool spa, and Land Area 6.66 AC alsostate-of-the-art offers a heated fitness indoor and swimming business pool centers. and whirlpool spa, and state-of-the-art ftness and business centers. Ownership Fee Simple The Hotel’s location, modern amenities and ample business meeting and Theevent Hotel’s space location, make the modern Holiday amenities Inn Evansville and ample Airport business the destination meeting and of event Parking Ample Parking spacechoice make for business the Holiday travelers Inn Evansville and groups. Airport Corporate the destination accounts of choice include: for busi- nessToyota, travelers Whirlpool, and groups. General Corporate Motors, accountsCLC Lodging, include Gruma Toyota, SA Whirlpool, DE CV, Atlas General Motors,Van Lines, CLC Home Lodging, Menders Gruma Inc., SA TriDE StateCV, Atlas Aero Van Inc., Lines, and Homemore. Menders Inc., Tri State Aero Inc., and more. 7101 US Highway 41 N, Evansville, IN 47725 Rosano Partners // Offering Memorandum 4 Executive Summary / Investment Highlights Key Investment Highlights Location. 4 minute shuttle ride from Evansville Regional Airport; ADR Growth. Enormous upside to be realized through ADR excellent visibility; and, situated on the main highway in Evansville. growth. Occupancy rates have increased signifcantly as a result Major highways drive trafc from major Midwestern cities, includ- of the 2012 renovation and repositioning. Rate increases are likely ing: Louisville, Cincinnati, Indianapolis, and Chicago. The Port of now that occupancy is nearing stabilized levels. In recent years, the Evansville on the Ohio River also makes the City of Evansville a Hotel has outperformed the market. Additionally, a hotel investor stopping point for large scale shipping operations. The Hotel’s Tri- can expect that the opening of the DoubleTree Convention Center State location and easy access to major thoroughfares and three Hotel in Downtown Evansville (with a signifcantly higher ADR) will diferent regional expressways allow the Hotel to beneft from its raise the level the market can bear and thereby raise the competi- close proximity to the business community and access to a large tive standard for the market. and diverse labor pool. Aside from its attractive Midwest location, the City of Evansville itself is a major sell-point. Due to its low crime High Barriers to Entry. The Hotel’s airport location provides high rate, afordable housing, excellent public and private school sys- barriers to entry for new hotel developments, wishing to compete tems, and engaging cultural and outdoor activities, Evansville has directly with the Holiday Inn Evansville Airport. Furthermore, the been voted the best city in the country “to live, work, and play.” current supply pipeline of competitive rooms is very limited, allow- ing an investor to increase ADR and displace lower-rated demand. Fully Renovated. $3.3M in capital improvements since 2011, in- cluding a $2.7M renovation in 2012, encompassing all common Value-Add Opportunity. With minimal low cost capital improve- areas and 199-guest rooms including new FF&E throughout. ments, investors can expect to capture immediate cost savings. Departmental expenses, utilities and administrative costs are high. Demand Generators. Signifcant corporate and medical demand For this reason, and despite the solid room revenue generated generators. The completion of a new $61M state-of-the-art medi- by the hotel, it has historically underperformed its competitive set cal and research facility in downtown Evansville in 2018 will gener- whose operating costs are much lower. ate additional travel and hotel demand. The Hotel is well-positioned to capture much of this demand due to its airport location and the Award Winning Facilities & Amenities. IHG Renovation Award size of its meeting facilities. (2012); Trip Advisor Certifcate of Excellence (2013); IHG HeartBeat Award for best increase in customer satisfaction scores for the En- Large Corporate Accounts. Toyota, Whirlpool, General Motors, tire region of 47 hotels (2013); Allegra Lounge voted Best Bar in CLC Lodging, Gruma SA DE CV, Atlas Van Lines, Home Menders a Hotel by News4U Magazine (2014); Trip Advisor Certifcate of Inc., Tri State Aero Inc., and more. Excellence (2014). 7101 US Highway 41 N, Evansville, IN 47725 Rosano Partners // Ofering Memorandum 5 Executive Summary / Trip Advisor 7101 US Highway 41 N, Evansville, IN 47725 Rosano Partners // Offering Memorandum 6 Executive Summary / Corporate Accounts Actuals Projections 2015 2015 2015 2016 2016 2016 LNR Name Room Nights ADR Revenue Room Nights ADR Revenue Accounts w/<100 Room Nights 2023 0 $182,229 3,682 $0.00 $280,122 CLC Lodging 4427 55.16 $244,193 4,461 $55.76 $248,745 Gruma Sa De Cv 1358 96.21
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