Holiday Inn Express Mount Vernon 11555 Upper Gilchrist Rd

Property Listed by Richard Schuen License Number: BRKP.0000323756
Property tours are by APPOINTMENT ONLY. Any attempts to visit/contact property without agent approval will result in a ban from all future listings! Prospective buyers can view financial history including revenue, NOI, ADR, and Occupancy by clicking "Download OM" and signing a confidentiality agreement. This property is currently listed as unpriced. NO PRICING GUIDANCE IS AVAILABLE. Ownership will review and respond to all offers and ultimately select the offer with the best price and terms.
Colliers, as an exclusive representative of the ownership, is pleased to present to qualified investors for their acquisition consideration the Holiday Inn Express Mount Vernon, located at 11555 Upper Gilchrist Rd Mount Vernon, Ohio 43050. The subject property is a 70- room, three-story, interior corridor, limited-service asset built in 1998. The hotel sits on 1.46 acres and is located off Route 36/Coshocton Ave (20,387 Vehicles Per Day). The property is offered with fee simple interest, unencumbered by debt and unencumbered by third-party management.
The Holiday Inn Express Mount Vernon consists of 70 rooms and benefits from a variety of stable demand drivers such as higher education, tourism/leisure, and transient traffic. The hotel is located approximately 50 miles northeast of Columbus, the capital and most populous city in the state. The higher education demand generators include Kenyon College and Mount Vernon Nazarene University, which are both located less than 4 miles away from the hotel. Kenyon College has an enrollment of approximately 1,800 students and Mount Vernon Nazarene University has an enrollment of approximately 1,600 students. Key tourism and leisure demand generators include Mohican State Park, a 1,100-acre state park which offers canoeing, mountain biking, hunting, fishing, and other outdoor activities. Mohican State Park attracts over 1.5 million visitors each year.
It is expected that a prospective purchaser shall be able to retain the IHG franchise upon completion of a change-in-ownership PIP, though purchasers should consult with their franchise representative to verify the availability of the franchise. Upon the completion of the change-in-ownership PIP, a new prospective owner should expect the property to see an uptick in ADR and therefore RevPAR. As notated by the STR Report, the hotel ranked 4th of 7 hotels in its competitive set for ADR in 2022, 2023, and the preceding 12 months behind April 2024, respectively. This contributed to RevPAR penetration indices of 112% in 2022, 110% in 2023, and 111% in the trailing 12 months preceding April 2024, respectively. This is versus a competitive set of Comfort Inn Splash Harbor, Super 8 Mount Vernon, Best Western Executive Inn, Comfort Inn Mount Vernon, Quality Inn & Suites Bellville Mansfield, and The Mount Vernon Grand Hotel. After the change-in-ownership PIP is completed, the purchaser can realistically position the hotel as a leading lodging option in Mount Vernon and continue to penetrate the competitive set at a superior index.