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4630 Sheraton Drive - Sprinhill Suites By Marriott, Macon, GA
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4630 Sheraton Drive - Sprinhill Suites By Marriott
Macon, GA 31210-1322 - Outlying Bibb County Submarket
Number of Rooms:
2.03 AC (88,427 SF)
For Sale Price:
This offering represents the opportunity to acquire the fee simple interest in the 121-room Hotel in Macon, Georgia (“Property” or “Hotel”).
• The four-story, interior corridor, upscale Hotel features 121 suites, breakfast area, indoor swimming pool, complimentary high speed internet, guest laundry facilities, fitness center, and business center.
• Conveniently located on Sheraton Drive just off of U.S. Highway 23 and Interstate 75 (Exit # 171). Additionally, the Hotel benefits from excellent signage at street-level on Sheraton Drive as well as Interstate 75. It is 25 miles from Robins Air Force Base and is less than 90 miles from the state capital Atlanta, GA.
• Minimal change-of-ownership PIP - The Hotel completed capital improvements that encompassed upgrading internet equipment, exterior parking lot lighting, HVAC enhancements and landscaping totaling over $100,000.
• The Property is one mile away from the Shoppes at River Crossing, a retail development with ample dining options that has over 750,000 square feet of retail space with anchor tenants such as Dillards, Belk, Barnes and Noble, and Dicks Sporting Goods.
• The Hotel is less than 5 miles from notable institutions such as Mercer University (9,000 students), Middle Georgia State University (7,676 students), and minutes from demand generators including historic downtown and retail. Robins Air Force Base is also less than 25 miles from the Hotel.
• Strong revenue performance and cash flow – For 2015, the Hotel had an Occupancy, ADR, and RevPAR of 62.4%, $95.39 and $59.55 respectively. Its RevPAR index was 95.6 in 2015. Given the RevPAR index is lower than typical for a Springhill Suites, the Hotel has significant upside potential with better revenue management. Revenue and NOI (after 3% management fees and 4% reserve for replacement) totaled approximately $2.7 million and approximately $821,000 respectively. The Hotel has diversified demand during the week along with strong weekend demand.
• High general manager and sales staff turnover that will give an investor the opportunity to significantly improve revenues.
• Excellent long term Marriott brand affiliation – The current franchise agreement expires in 2032. Current ownership believes that an investor has the opportunity to negotiate a term equal to or greater than the current remaining term of 16 years.
• Being offered unencumbered by management.
• Asset will be sold at a discount to replacement cost and is only 6 years old.
• Macon is located off of I-75, which is approximately 80 miles south of Atlanta, 160 miles west of Savannah and approximately 175 miles north of the Georgia/Florida State line.
• The Property’s interstate exit location makes it very convenient to other major cities in Georgia and adjacent states. Columbus, GA and Augusta, GA are all under 125 miles and an easy drive for travelers going to and from these markets or seeking to expand and enhance their Georgia experience.
• The Hotel’s close proximity to I-75 and nearby U.S. Highway 26 makes it attractive for not only regional but long-distance travelers as well. In addition to its close proximity to I-75, the Property benefits from The Shoppes at River Crossing, a commercial development that has numerous shopping and eating outlets. The Property is also located directly across from the Division of Child Support Services.
• The Property is less than 5 miles away from Wesleyan College, a four year private women’s college focusing on liberal arts that was built in 1928 with a 200 acres campus.
• Bibb County is home to several major companies including Geico, Wal-Mart, YKK Corporation of America, and Ricoh USA. Bibb County is considered a highly desirable location for many different industries.
• The composition of the Bibb County job market is heavily concentrated in three employment sectors: Educational and Health Services, Government, and Retail Trade.
• Leisure attractions include but are not limited to the Georgia Music Hall of Fame, Macon Centerplex, Douglass Theater, Tubman African American Museum, Macon International Cherry Blossom Festival, and historic downtown Macon.
• The Hotel benefits from diverse demand segmentation, capturing considerable market share from the corporate, transient, leisure transient, corporate and state government segments.
CLICK HERE TO CONTACT THE SALES BROKER
FOR SALE CONTACTS
Newmark Grubb Knight Frank
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