La Quinta Inn & Suites I-70
GOOD MARKET, LOW PRICE PER KEY ($44K) AND PRICED TO ACCOUNT FOR RENOVATION, I-70 LOCATION
Marketing description
The hotel is very well located just off Exit 252, Interstate 70, on the north side of Salina. There are 2 major travel plazas located on the interchange, a Petro Travel Center and a Bosselmen Travel Center. Both stops, together with I-70, drive considerable walk-in traffic. The property, in spite of its flag and interstate location, still underperforms the market, and should benefit from the pending PIP. The southbound I-135 exit is only one mile to the west.
The City of Salina is located in north central Kansas, near the geographic center of the contiguous United States. It is the seventh largest city in Kansas with an estimated population of 50,000. The city is the county seat for Saline County, which has an estimated population of 55,000. The junction of Interstates 70 and 135 on the NW section of Salina are significant factors in transient and business traffic.
Salina enjoys a diverse economy that includes several manufacturing interests both large and small, a strong agricultural economy that supplies local food processors and beverage makers and creates strong demand for industries such as agricultural equipment manufacturing. Kansas has also become a leader in alternative energies, particularly solar and wind.
The Kansas State Aerospace and Technology campus is home to one of only 12 Federal Aviation Administration (FAA) research facilities in the country - is preparing its students for almost any job in the aviation and aeronautics industries with a robust set of programs that include: Unmanned aircraft systems (UAS) flight and operations. Kansas Wesleyan University is another 4 year private university in Salina.
Investment highlights
BACK ON THE MARKET!!
This offering represents an upper mid-market brand at less than $44K per key, at a price to accommodate the expected PIP. This hotel operates significantly below its compset in all three key STR metrics, especially occupancy and RevPar. Check out the STR and the reviews, then decide for yourself. Those metrics certainly indicate post-renovation upside. A 15 year La Quinta flag is available as well as a top tier alternative such as Garner (IHG).
- 89 keys
- Built 1999
- Significantly UNDER-PERFORMS the market in all three key metrics by about 50%, indicating post-renovation upside
- Compare to compset: Occupancy (39% vs 66% compset) and RevPar ($34 vs $73 compset)
- Well priced to sell at less than $44K per key
- 15 year La Quinta flag available with PIP
- Top tier alternative is also possible, such as Garner (IHG)
- I-70 location and one mile from the junction of I-135
- 2 major travel plazas at the same exit
- 3 Floors
- Indoor Pool
- Fitness Center
- Meeting Room
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