Residence Inn Topeka | 1620 SW Westport Dr
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Residence Inn Topeka 1620 SW Westport Dr
66 Room Hotel Topeka, KS 66604 $6,200,000 ($93,939/Room) 11.02% Cap Rate
Investment Highlights
- • Priced to sell at $6,200,000 (2.94 X Revenue Before PIP)
- • Strong ADR Market / Interstate & Mall Location
- • #1 in ADR and #3 in OCC (despite requiring PIP)
- • Motivated Seller Bring All Offers
Executive Summary
Hotel Brokers of America is pleased to exclusively offer the Upscale All-Suite Extended Stay Residence Inn, located in Topeka, KS. Topeka is the State Capital of Kansas with multiple demand drivers including Government, corporate, and leisure.
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Highlights & Location:
• The hotel is Institutionally Owned and Managed Resulting in much Higher than Normal Expenses. Any Owner-operator will quickly increase the NOI driving significant Profits. A 66 Room Residence Inn with $2M plus Revenue Should be delivering a minimum 38%-42% NOI.
• Topeka is the State Capital of Kansas with multiple demand drivers including strong Government / Corporate and Leisure.
• The Hotel has an Excellent Location in the Heart of the Business District.
• The Hotel is a Strong Performer operating #1 in ADR at $119.89 and #3 in Occupancy consistently over 72% even though it requires a full PIP from Marriott. PIP complete this hotel is poised to do significantly high Revenue by becoming # 1 in Occupancy at a $10 to $15 higher ADR.
• As of March 2024, the hotel has demonstrated a robust performance, with a trailing 12-month revenue of $2,111,000. It's worth noting that the property has a historical revenue track record surpassing $2,390,000.
• The Hotel is offered at $6,200,000 (2.94 X Revenue) Plus PIP, which places it at a highly attractive 3.72 x revenue PIP Complete, for a performing and Profitable fully renovated Residence Inn by Marriott
• At $119,000 per room, the Hotel is priced at a significant discount to new construction of a minimum of $160,000 for a Marriott Residence Inn.
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*
*
Highlights & Location:
• The hotel is Institutionally Owned and Managed Resulting in much Higher than Normal Expenses. Any Owner-operator will quickly increase the NOI driving significant Profits. A 66 Room Residence Inn with $2M plus Revenue Should be delivering a minimum 38%-42% NOI.
• Topeka is the State Capital of Kansas with multiple demand drivers including strong Government / Corporate and Leisure.
• The Hotel has an Excellent Location in the Heart of the Business District.
• The Hotel is a Strong Performer operating #1 in ADR at $119.89 and #3 in Occupancy consistently over 72% even though it requires a full PIP from Marriott. PIP complete this hotel is poised to do significantly high Revenue by becoming # 1 in Occupancy at a $10 to $15 higher ADR.
• As of March 2024, the hotel has demonstrated a robust performance, with a trailing 12-month revenue of $2,111,000. It's worth noting that the property has a historical revenue track record surpassing $2,390,000.
• The Hotel is offered at $6,200,000 (2.94 X Revenue) Plus PIP, which places it at a highly attractive 3.72 x revenue PIP Complete, for a performing and Profitable fully renovated Residence Inn by Marriott
• At $119,000 per room, the Hotel is priced at a significant discount to new construction of a minimum of $160,000 for a Marriott Residence Inn.
Property Facts
| Price | $6,200,000 | Lot Size | 3.12 AC |
| Price Per Room | $93,939 | Building Size | 47,685 SF |
| Sale Type | Investment | No. Rooms | 66 |
| Cap Rate | 11.02% | No. Stories | 1 |
| Property Type | Hospitality | Year Built | 1995 |
| Property Subtype | Hotel | Parking Ratio | 1.89/1,000 SF |
| Building Class | B | Corridor | Interior |
| Price | $6,200,000 |
| Price Per Room | $93,939 |
| Sale Type | Investment |
| Cap Rate | 11.02% |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | B |
| Lot Size | 3.12 AC |
| Building Size | 47,685 SF |
| No. Rooms | 66 |
| No. Stories | 1 |
| Year Built | 1995 |
| Parking Ratio | 1.89/1,000 SF |
| Corridor | Interior |
Amenities
- Fitness Center
- Pool
- On-Site Retail
- High Speed Internet Access
- Patio
- Meeting Event Space
- Public Access Wifi
- Smoke-Free
- Hot Tub
- Fully-Equipped Kitchen
- Multi-Room Suites
Room Mix Information
| Description | No. Rooms | Daily Rate | SF |
|---|---|---|---|
| Suite | 66 | $179.00 | - |
PROPERTY TAXES
| Parcel Number | 142-04-0-20-05-001-070 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,111,613 |
PROPERTY TAXES
Parcel Number
142-04-0-20-05-001-070
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,111,613
zoning
| Zoning Code | C4 (Commercial) |
| C4 (Commercial) |
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Subhash Naik -
Hotel Brokers of America
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Residence Inn Topeka | 1620 SW Westport Dr
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