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OFFERING MEMORANDUM Red Carpet Inn & Suites 208 E NEW BERN RD, KINSTON, NC 28504 1 | Red Carpet Inn & Suites CONFIDENTIALITY AND DISCLAIMER The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Colliers International should not be made available to any other person or entity without the written consent of Colliers International. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Colliers International has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject substances, PCB’c or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant or any tenants plan or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Colliers International has not verified, and will not verify, any of the information contained herein, nor has Colliers International conducted any investigation regarding this matter and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. NON-ENDORSEMENT NOTICE Colliers International is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Colliers International . Its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Colliers International is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR COLLIERS INTERNATIONAL AGENT FOR MORE DETAILS. TABLE OF CONTENTS SECTION ONE INVESTMENT OVERVIEW \\ 6 SECTION TWO FINANCIAL ANALYSIS & MARKET COMPARABLES \\ 12 SECTION THREE MARKET OVERVIEW \\ 20 3 | Red Carpet Inn & Suites EXCLUSIVELY LISTED BY PRASHANT MERCHANT Senior Vice President | Investment Sales Hospitality Capital Markets Group Mobile - (757) 589 - 6954 [email protected] License: VA 0225226862 NIC WADE Assistant Vice President | Investment Sales Hospitality Capital Markets Group Mobile - (757) 672 - 3692 Direct - (804) 267- 7231 [email protected] License: VA 0225242365 J. SCOTT ADAMS, CCIM Broker of Record License: NC 313635 SECTION 0NE INVESTMENT OVERVIEW 5 | Red Carpet Inn & Suites INVESTMENT OVERVIEW Colliers International, in association with Hospitality Capital Markets Group, on an exclusive basis, is pleased to present for sale the Red Carpet Inn & Suites of Kinston, North Carolina. The subject property is a 100-key, two-story, exterior-corridor asset located at the intersection of US Highway 70 (27,000 VPD) and US Highway 258 (10,000 VPD) with +/- 5.5 acres of frontage. The property, originally built in 1968 as a Holiday Inn, has undergone significant renovations and will be delivered with minimal-to-no expected PIP. The property is offered on an unpriced basis with guidance at a fraction of replacement cost, considering the original cost of the property’s concrete and cinderblock construction with a utility service alley behind the rooms. The property overlooks the scenic Neuse River, but was damaged as a result of hurricane Matthew in 2016 when the river overflowed onto the property. Immediately following hurricane Matthew, ownership set out to complete an extensive renovation plan of more than $10,000 per key to restore the property to operational order, including a brand new roof installed within the last two years. The property boasts a +/- 11,000-square-foot lobby/office building with conference space, restaurant space, meeting room, a full bar outfit, and a manager’s quarters. These areas have also been restored over the last four years with an anticipated opening date of 2020, however they remained unoccupied as a result of COVID-19. These areas are fully equipped with audio/video equipment and can hold a capacity of +/- 300 guests. An investor has the unique opportunity to drive revenue by utilizing this space to operate a restaurant and bar. Alternatively, the restaurant is separately metered and therefore provides new ownership with the opportunity to generate additional passive income through a net lease. With President Biden’s plan to deliver 100 million doses within the first 100 days of office, an investor can also likely expect group and corporate travel to steadily pick up. In conjunction with the newly-renovated available conference and meeting space at the property, an investor has the opportunity to capture market share in that segment to drive revenue. The property has remained especially resistant to COVID-19 and has performed better despite the pandemic in 2020 than previous years for a variety of reasons: 1) the recent completion of extensive renovations, 2) the stability and necessity of economy properties during downturns, and 3) the presence of extended-stay guests and accommodating suites. The property amenities include a pool, fishing deck, a pet-walking area, and ample onsite storage for new ownership. Many of the rooms are equipped with tile floors, which make the property one of the only suitable options in Kinston for pet-friendly rooms. Ownership purchased the non-performing note for the property in 2009, and eventually foreclosed in 2012, though has remained mostly absentee. A more aggressive, hands-on, owner-operator can significantly increase revenue and gross operating profits by creating operational efficiencies and increasing RevPAR market share by leveraging the recently-completed renovations to rooms and common areas. The North Carolina Department of Transportation also intends to expand the Kinston Bypass over the next decade, which overlaps Kinston just half a mile south of the property, which will increase traffic and therefore revenue for a long- term investor at the property. INVESTMENT HIGHLIGHTS Fee Simple Interest in the 2-Story Asset Concrete Construction with Brand New Roof 2020 Performance Uninterrupted by COVID-19 Significant Upside for Owner-Operator Recently Renovated and Offered with Minimal PIP Proximity to Major MSAs: Raleigh-Durham, Greenville, Wilson, Goldsboro, Jacksonville, New Bern 6 | Red Carpet Inn & Suites INVESTMENT OVERVIEW PROPERTY AMENITIES Vital Data Property Name Red Carpet Inn & Suites Free High Speed WiFi Address 208 E New Bern Rd, Kinston, NC 28504 Price Unpriced Complimentary Hot Breakfast PIP Minimal Ownership Type Fee Simple Pet Friendly Number of Rooms 100 Free Parking Number of Buildings 2 Number of Stories 2 Outdoor Pool Corridors Exterior Truck & RV Parking Year Built 1968 Lot Size 5.50 Acres Onsite Fishing Rentable Square Feet 11,000 SF Franchise Hospitality International Picnic Area Management Unencumbered by Third-Party Management Business Center Photo Copier & Fax Machine Room Type No. of Rooms Self Serve Laundry King Room 25 Flatscreen TVs in Rooms Queen Room 33 Double Full Room 39 Microwave & Fridge in Rooms Extended-Stay Suites 2 ADA Accessible Room 1 7 | Red Carpet Inn & Suites PROPERTY PHOTOS 8 | Red Carpet Inn & Suites PROPERTY PHOTOS PROPERTY PHOTOS SECTION TWO FINANCIAL ANALYSIS & MARKET COMPARABLES 11 | Red Carpet Inn & Suites FINANCIAL ANALYSIS - STR Subject Property 2018 2019 2020 Year 1 Year 2 Year 3 Year 4 Year 5 Occupancy 27.00% 36.65% 44.4% 46.18% 48.02% 48.98% 49.96% 50.96% % Change 35.74% 21.15% 4.00% 4.00% 2.00% 2.00% 2.00% Occupancy Penetration 53% 74% 120% 99% 97% 97% 97% 97% Average Daily Rate $60.00 $60.00 $60.00 $62.40 $63.65 $64.92 $66.22 $67.54 % Change 0.00% 0.00% 4.00% 2.00% 2.00% 2.00% 2.00% ADR Penetration 84% 75% 86% 86% 86% 86% 86% 86% RevPAR $16.20 $21.99 $26.64 $28.81 $30.57 $31.80 $33.09 $34.42 % Change 35.74% 21.15% 6.08% 4.04% 4.04% 4.04% Rev PAR Penetration 45% 56% 103% 85% 84% 84% 84% 84% Competitive Set 2018 2019 2020 Year 1 Year 2 Year 3 Year 4 Year 5 Occupancy 50.80% 49.20% 36.90% 46.49% 49.28% 50.27% 51.27% 52.30% % Change -3.15% -25.00% 26.00% 6.00% 2.00% 2.00% 2.00% Average Daily Rate $71.65 $79.87 $69.87 $72.66 $74.12 $75.60 $77.11 $78.65 % Change 11.47% -12.52% 4.00% 2.00% 2.00% 2.00% 2.00% RevPAR $36.40 $39.30 $25.78 $33.78 $36.53 $38.00 $39.54 $41.14 % Change 7.96% -34.39% 8.12% 4.04% 4.04% 4.04% STR # Name City, State Zip Phone Rooms Open Date 8368 Econo Lodge Goldsboro Goldsboro, NC 27534-1605 (919) 736-4510 46 198801 13003 Days Inn Goldsboro Goldsboro, NC 27534-1627 (919) 735-7911 112 197910 15678 Red Roof Inn Kenly Kenly, NC 27542-7544 (919) 284-1050 65 198803 39869 Quality Inn Goldsboro Goldsboro, NC 27534-7448 (919) 778-9759 67 200011 40908 Country Inn & Suites Goldsboro Goldsboro, NC 27534-1675 (919) 581-0503 66 200011 *This property is not a member of STR research **Historical occupancy and ADR estimated 12 | Red Carpet Inn & Suites HISTORICAL P & L 2018 2019 2020* Rooms 60 70 100 Available Rooms 36,500 36,500 36,500 Rooms Sold 9,855 13,377 16,206 Occupancy
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