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Insert Hotel Name and Location Quality Inn Holland 1401 E. Mall Dr. • Holland, OH 43528 NON-ENDORSEMENT & DISCLAIMER NOTICE NON- ENDORSEMENT NOTICE Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation's logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. SPECIAL COVID-19 NOTICE All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem necessary, especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct, due diligence on behalf of any prospective purchaser. Marcus & Millichap’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. Marcus & Millichap and its investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro forma financial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections, analyses, and decision-making. DISCLAIMER THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved. ALL PROPERT Y SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. 2 Table of Contents 04 Investment Overview 14 Financial Analysis 19 Competitive Market Analysis 28 Market Overview 03 Investment Overview Marcus & Millichap 17 4 PROPER TY DE TAILS EXECUTIVE SUMMARY Quality Inn Holland INTEREST OFFERED Franchise Parent Company Choice Hotel Fee simple interest in the Quality Inn Holland, a 133- Franchise Affiliation Quality Inn room hotel located at 1401 Mall Dr. Holland, OH on Year Built 1991 approximately 2.50 acres. Lot Size/Building Area 2.50 Acre Number of Floors 3 Total Number of Guest Rooms 133 THE OFFERING Corridor 2 floors exterior, 1 floor interior Price: Unpriced Property: Quality Inn Holland Highways I-475 Current NOI: $271,005 US Route 20 Current Revenue: $1,018,003 I-80/90 Airports Toledo Express Airport- 6.5 miles PROPERTY TOURS Toledo Executive Airport- 18 miles Prospective purchasers are encouraged to visit the subject property prior to submitting offers. However, all property tours must be arranged with the Marcus & Millichap listing agents. Please do not contact the tenants, on-site management or staff without prior approval. 6 5 P R O P E R TY D E TA I L S Outdoor Pool Outdoor Parking Phone for Free Wi-Fi hearing- impaired Free Hot and Continental Meeting breakfast Room Business In-room Center refrigerator Pet- friendly Laundry 6 Property Overview The 133 room, three storied Quality Inn Holland, situated on a 2.50 Asset Info Acre lot, offers a calm, spacious environment. Additional amenities Rooms: 133 include a meeting space, business center, and free Wi-Fi. This property also houses an outdoor pool and an extensive fitness Year Built: 1991 center for workouts. Number of Buildings: 1 Located just off I-475 and near I-90, this hotel is serves as a Floors: 3 crossroads for many travelers. This property’s close proximity to the area’s biggest attractions, like the Toledo Zoo, Raceway Park and Lot Size: 2.50 Acres the Toledo Museum of Art, make it an ideal spot for visitor to stay in. With Downtown Toledo being only a 20-minute drive away, this Gross Sq. Footage: 54,252 Sq. Ft. hotel is an ideal location for visitors to the area. 07 Investment Overview Marcus & Millichap’s National Hospitality Group is pleased announce the exclusive listing of the Quality Inn Holland Hotel, located just outside Toledo and near Toledo Express Airport. This hotel presents investors the opportunity to purchase an asset with untapped upside and value-add potential. This asset also offers the opportunity to invest in market with growing educational and healthcare economic segments driven by large employers such as ProMedica, Mercy Health, University of Toledo, and Bowling Green State University. Nearby is the regionally renowned Toledo Zoo, only a short six miles away and the Toledo Express Airport, which offers non-stop flights to six national destinations. Located just off of Ohio Route 2, one of the busiest retail corridors in the Toledo metro, and Interstate 475, this hotel is also well positioned geographically in a high traffic area with premier highway visibility. Currently an unpriced listing, investors can benefit from market pricing and build upon a running 12-month occupancy of 42.9 percent, outperforming competitive set properties by nearly three percent. While the property trailed its competitors in both RevPAR and ADR, this asset has began trending upward in the past 12- month period as it has seen RevPAR growth of nearly 10 percent, outperforming the growth of competitors. This property offers investors a great opportunity to improve RevPAR and operating margin figures through hands-on management and marketing, capitalizing on this asset’s prime geographic location to reach new operational heights. Financial & STR Overview 2018 2019 Occupancy 43.90% 38.10% ADR $48.35 $48.21 RevPAR $21.23 $18.37 Revenue $1,053,208 $1,014,863 08 NOI $4,208 $5,186 Quality Inn Holland Quality Inn Holland 12 13 Financial Analysis Marcus & Millichap 1417 Financial Analysis Overview Historical Projected • Assumption #1: Current year expenses are • Assumption #1: Revenue projections reflect normalized to reflect a standard operating a modest increase in ADR margin • Assumption #2: Projected expenses reflect a • Assumption #2: Capital Reserves reflect normalized operating margin four percent of Gross income • Assumption #3: Projected revenues are • Assumption #3: Financials based off 133 based off 133 operating rooms operating rooms • Assumption #4: Revenue projections reflect no change in occupancy between the current year and year 1, followed by modest growth beyond year 1 15 16 17 18 Competitive Market Analysis Marcus & Millichap 1917 STR – At A Glance Occupancy ADR RevPAR My Prop. Comp. Set Index My Prop. Comp. Set Index My Prop. Comp. Set Index Running 42.9% 40.7% 105.6 $47.82 $66.20 72.2 $20.53 $26.92 76.3 12 Months Ohio Area Pipeline 3,163 rooms planned 1,253 rooms under construction 37 properties planned 12 properties under construction 20 STR – Industry Segmentation Industry Segmentation Comparisons Running 12 Months Quality Inn Holland Occupancy: 42.9% ADR: $47.82 RevPAR: $20.53 Market: Ohio Area Occupancy: 49.8% ADR: $89.54 RevPAR: $44.56 Market Class: Midscale Occupancy: 45.7% ADR: $81.65 RevPAR: $37.33 Submarket: Toledo, OH Occupancy: 54.5% ADR: $83.72 RevPAR: $37.33 Submarket Scale: Midscale Chains Occupancy: 57.4% ADR: $89.23 RevPAR: $51.19 Competitive Set: Competitors Occupancy: 40.7% ADR: $66.20 RevPAR: $26.92 21 STR – Time Segmented Performance My Property (running 12 months)1 Weekday Weekend Occupancy 40.8% 48.3% ADR $46.06 $51.52 RevPAR $18.79 $24.87 1 Weekday vs. Weekend footnote 2 Monthly index footnote 22 Sales Comparables 4 4 BEST WESTERN MAUMEE RODEWAY INN NEAR HALL 6425 Kit Ln. • Maumee, OH 43537 OF FAME 6880 Sunset Strip Ave. NW • Canton, OH 44720 Close of Escrow 04/15/2019 Close of Escrow 06/26/2020 Asking Price $3,827,250 Asking Price $1,500,000 Price Per Room $46,111 Price Per Room $18,072 Price Per Square Foot $97.87 Price Per Square Foot $12.52 Cap Rate 9.27% Cap Rate 11.38% Number of Rooms 83 Number of Rooms 83 Year Built/Renovated 2002/2016 Year Built 1985 Underwriting Criteria Underwriting Criteria Total Revenue $1,284,470 Total Revenue $788,063 Occupancy 58% Occupancy 69% ADR $72.89 ADR $38.24 23 RevPAR $42 RevPAR $26 Sales Comparables 4 RAMADA CLEVELAND 4 COMFORT INN SIDNEY AIRPORT WEST 1859 W. Michigan Ave. • Sidney, OH 45365 22215 Brook Park Rd. • Fairview Park, OH 44126 Close of Escrow 02/26/2016 Close of Escrow 01/29/2016 Asking Price $1,745,000 Asking Price $2,250,000 Price Per Room $24,929 Price Per Room $31,690 Cap Rate 16.85% Cap Rate 27.78% Number of Rooms 70 Number of Rooms 71 Year Built/Renovated 1972/2010 Year Built 1989 Underwriting Criteria Underwriting Criteria Occupancy 52% Occupancy 67% ADR $52.96 ADR $74.61 RevPAR $28 RevPAR $50 24 Sales Comparables 4 LA QUINTA INN & SUITES 4 THE VARSITY INN 268 Highland Rd. • Macedonia, OH 44056 1445 Olentangy River Rd • Columbus, OH Close of Escrow 05/01/2020 Close of Escrow 08/15/2020 Asking Price $3,612,000 Asking Price $3,397,500 Price Per Room $42,000 Price Per Room $28,312 Number of Rooms 86 Number of Rooms 120 Year Built 1997 Year Built/Renovated 1984 25 1 3 5 2 4 6 Comparables Sales Map 1.
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