Property History
Property Type
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Marketing Description
Over the years, this iconic property, which is listed on the historic register, was a true destination hotel and could become one again with the right reposition plan. It features nearly 40,000 sq. ft. of flexible meeting and convention facilities and is capable of competing for the significant number of meetings and conferences that are generated by the state and federal governments and the active local hospitality sector.
As a mixed-use opportunity, it features a variety of stable revenue sources, which sets it apart from similar full service investments. A cursory review of the STR statistics reveals the significant upside potential as demonstrated by the Ramada’s current position against its compset. The apartment and commercial lease revenue offer the owner a stable underlying source of revenue, which would allow a new operator some flexibility in the re-position of the hotel portion of the asset. Currently, the hotel operates 50% below the compset in both occupancy and Revpar, even though it is one of the largest convention venues in the State of Kansas. It offers venues to accommodate small meetings and larger scale conferences up to over 1,000 in attendance.
Its position on the 4th Street exit, adjacent to Interstate 70, allows for easy access, while being located only blocks from the State Capitol building, the numerous state office buildings, and the central business district. The hospitality sector in Topeka continues to benefit greatly from the State Capital, the state offices and the supporting business that visit those agencies.
Interstate 70 in downtown Topeka has been under construction for several years by the KS Department of Transportation. The reconfiguration of I-70, also known as the I-70- Quincy-Polk viaduct project, when completed in 2027 will greatly enhance the traffic flow near the hotel and in downtown Topeka
Investment Highlights
- Located directly off of Interstate 70 in downtown Topeka, just 4 blocks from the State Capitol complex
- 86 apartments (71 apartments and 15 original re-purposed guest rooms)
- 28,000 +/- sq. ft. of leasable commercial space
- Tower is 12 floors with steel frame and glass curtain construction
- Interior corridor, 4 elevators, 2 of which are inoperable and are in need of repair
- 213 hotel rooms licensed as a Ramada
- Total land area – 6.4 acres m/l (county website)
- Approximately 40,000 sq. ft. of banquet space throughout
- 3 restaurants/lounges (all currently closed)
- Indoor pool and seasonal outdoor pool
- The offering includes the following:
- 213 Ramada licensed rooms (124 in the tower and 89 in the 3-story section)
- 71 finished apartment units which were converted from hotel rooms (7 studio apartments, 45 one-bedroom apartments and 19 two-bedroom apartments).
- 15 “Jefferson-Madison” units that were held out for apartment conversion but never converted. These rooms are still outfitted as hotel rooms with dated case goods and finishes. They are not listed in the Ramada system and are used mostly for those on the apartment waiting list or for overflow during large conventions. These units could be converted into apartments going forward, with the proper permitting from the City of Topeka.
- The major office leases, KS Gaming and CASA, are located on the 2nd and 3rd floors of the tower.
- The two elevators in the tower section are in need of renovation and repair and are not operated. The service elevator provides access to the tower, and for the use of the office tenants. The bids for renovation and repair of the elevators are located in the CREXI document vault, under the Inspections and/or the Miscellaneous folders.
- Interstate 70 in downtown Topeka has been under construction for several years by the KS Department of Transportation. The reconfiguration of I-70 project, also known as the I-70-Quincy-Polk viaduct project, when completed in 2027 will greatly enhance the traffic flow near the hotel and in downtown Topeka. The link to the project on the KDOT website is: https://www.ksdot.gov/projects/northeast-kansas-projects/i-70-polk-quincy-viaduct
- Nearly $3.2 million in total revenue
- Numerous revenue sources, including hotel, conference, office leases, 12th floor master lease, and apartments
- Approximately 6.4 +/- acres in prime location, only 4 blocks from State Capitol complex
- 213 hotel rooms licensed under Ramada (Wyndham)
- 86 monthly apartments (not on the Wyndham system) (71 monthly rentals and 15 originally outfitted guest rooms)
- Master leased 12th floor with luxury penthouse apartments
- Commercial leases include Kansas Gaming Commission, Court Appointed Special Advocate, and National Association of Social Workers
- Wyndham previously granted a dual flag for Garden/Hawthorne Suites conversion, but it was not utilized
- Opportunity zone
Loan History
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Tax History
Contact Information
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Ownership Information
Property Details
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BY:
Brent Jaynes PRO
•••.•••.4731
•••ynes@•••••••••••••••••.com
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