EconoLodge Cortez near Mesa Verde
Nicest Econo Lodge in the west - all room renovated 50 with kitchenettes and walk in showers
Marketing description
Econo Lodge Cortez near Mesa Verde is currently listed for sale exclusively through US Hotel Advisors.
The Property is a 69-room Choice-branded Hotel which is strategically located in Southwest Colorado’s primary tourism corridor and within a 15-mile drive to Mesa Verde National Park and San Juan National Forest.
The Property includes 50 guestrooms equipped with kitchenettes, offering extended-stay functionality that often attracts tourists visiting outdoor natural landmarks. All of the guestrooms were fully renovated within the past two years, with the bathtubs of 53 of the rooms converted to walk-in showers. Approximately $350,000 was invested in all the capital improvements. The renovations have materially upgraded the Property’s competitiveness and will reduce near-term capital expenditure requirements.
An acquisition of the Hotel presents an opportunity for a buyer to increase RevPAR and enhance operational efficiencies. The Property's newly-renovated facilities and extended-stay offerings are destined to improve the Hotel’s appeal amongst the Comp Set properties, given their tired condition and lack of extended-stay facilities. The Property has been operated under absentee ownership, providing an active owner and onsite manager the opportunity to generate new and higher-rated demand, as well as the presence and skills to institute cost control methods to drive further profitability of the Hotel.
Investment highlights
EXTENSIVE REFURBISHMENTS OVER THE LAST TWO YEARS
Approximately $350,000 was invested in capital improvements over the last two years, enhancing the Hotel’s product quality and competitive positioning. All guest rooms were fully renovated, including the conversion from tubs to showers in 53 rooms.
OPPORTUNITY TO INCREASE REVENUE & PROFIT MARGINS
The Hotel has been operated by an absentee owner, creating an opportunity for a more active owner and on-site manager to drive revenue increase and improve profit margins. The Property also features a two-bedroom, three-bath apartment that will help accomplish this goal.
PROXIMATE TO SEVERAL MAJOR TOURIST LANDMARKS
The Property is located in Cortez, CO, a primary lodging hub for visitors to Southwest Colorado’s natural attractions, including Mesa Verde National Park, San Juan National Forest, and the Four Corners Monument. These landmarks provide reliable hotel demand.
NO NEW HOTEL SUPPLY
There are no planned hotel developments in the local pipeline.
BELOW REPLACEMENT COST
The Property is offered at a basis materially below the estimated cost to develop a comparable branded hotel in the Cortez market, providing insulation from future competition.
EXTENDED-STAY COMPONENT RARE IN MARKET
The Property includes 50 rooms that are equipped with kitchenettes, which provide extended-stay functionality that is attractive to park visitors.
FEE SIMPLE OWNERSHIP
The Property will be conveyed in fee simple.
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