La Quinta Inns & Suites Harrisburg Hershey | 265 N Hershey Rd
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La Quinta Inns & Suites Harrisburg Hershey 265 N Hershey Rd
81 Room Hotel Harrisburg, PA 17112 For Sale
Investment Highlights
- Recently renovated, 2012-vintage hotel with minimum going - in capital required offered at a highly attractive basis at less than half of replacement
- Proven historical performance with significant market share upside in a submarket with fully recovered RevPAR
- Non-union, select-service lodging asset offered unencumbered of management with substantial cash-flow/operational efficiency upside
- Newest hotel in the competitive set with a favorable supply story
- Long-term ground-lease expiring July 2109 with diminutive annual rent payments ($63k as of TTM September)
- AUCTION SITE: https://rimarketplace.com/auction/2307/lender-owned-la-quinta-harrisburg-hershey?utm_source=costar
Executive Summary
RI Marketplace Online Auction February 10-12, 2025
Register to bid on Marketplace:
https://rimarketplace.com/auction/2307/lender-owned-la-quinta-harrisburg-hershey?utm_source=costar
Berkadia Hotels & Hospitality, in conjunction with RealINSIGHT Marketplace, has been exclusively retained in connection with the solicitation of offers to acquire the leasehold interest in the 81-room La Quinta Inn & Suites Harrisburg-Hershey (the ‘Hotel’, ‘Property, or ‘Asset’) through a lender owned auction sale via RI Marketplace (occurring Wednesday, February 12th). Having delivered in May 2012, the La Quinta Inn & Suites boasts status as the newest hotel in the competitive set, which is approximately 23 newer than the set’s baseline, and is being offered at an exceptional basis at less than half of replacement cost and below the UPB. Moreover, the Asset is being offered unencumbered of management, allowing a new owner to reposition top-line performance to historically achieved levels (118% RPI during year end 2019), while simultaneously providing the ability to remove contract labor used by the receiver/special servicer (transferred April 2021) and align margins with typical benchmarks realized by select-service hotels in this region of the country. When paired with a favorable supply story, submarket RevPAR surpassing year end 2019 levels by $5, and a long-term ground lease (expires July 2109) with minimal annual rent payments, the Property presents a compelling investment opportunity in the current economic conditions.
The Asset is strategically positioned along Interstate 81, with proximity to a nationally recognized and award-winning tourism hub that attracts over 3.3 million visitors annually – Hersheypark. In addition, the Hotel is easily accessible to key regional demand generators and retail amenities such as the 54-store Tangier Outlets, 91,000 square foot Hollywood Casino at Penn National Race Course, 632-bed Penn State Health/Milton S. Hershey Medical Center, ZooAmerica Harrisburg International Airport, and much more. The La Quinta Inn & Suites also benefits from a diversified corporate presence that includes major corporations such as Hershey, DHL, and General Mills, among others.
Register to bid on Marketplace:
https://rimarketplace.com/auction/2307/lender-owned-la-quinta-harrisburg-hershey?utm_source=costar
Berkadia Hotels & Hospitality, in conjunction with RealINSIGHT Marketplace, has been exclusively retained in connection with the solicitation of offers to acquire the leasehold interest in the 81-room La Quinta Inn & Suites Harrisburg-Hershey (the ‘Hotel’, ‘Property, or ‘Asset’) through a lender owned auction sale via RI Marketplace (occurring Wednesday, February 12th). Having delivered in May 2012, the La Quinta Inn & Suites boasts status as the newest hotel in the competitive set, which is approximately 23 newer than the set’s baseline, and is being offered at an exceptional basis at less than half of replacement cost and below the UPB. Moreover, the Asset is being offered unencumbered of management, allowing a new owner to reposition top-line performance to historically achieved levels (118% RPI during year end 2019), while simultaneously providing the ability to remove contract labor used by the receiver/special servicer (transferred April 2021) and align margins with typical benchmarks realized by select-service hotels in this region of the country. When paired with a favorable supply story, submarket RevPAR surpassing year end 2019 levels by $5, and a long-term ground lease (expires July 2109) with minimal annual rent payments, the Property presents a compelling investment opportunity in the current economic conditions.
The Asset is strategically positioned along Interstate 81, with proximity to a nationally recognized and award-winning tourism hub that attracts over 3.3 million visitors annually – Hersheypark. In addition, the Hotel is easily accessible to key regional demand generators and retail amenities such as the 54-store Tangier Outlets, 91,000 square foot Hollywood Casino at Penn National Race Course, 632-bed Penn State Health/Milton S. Hershey Medical Center, ZooAmerica Harrisburg International Airport, and much more. The La Quinta Inn & Suites also benefits from a diversified corporate presence that includes major corporations such as Hershey, DHL, and General Mills, among others.
Property Facts
| Sale Type | Investment | Building Size | 44,838 SF |
| Sale Conditions | Auction Sale | No. Rooms | 81 |
| Property Type | Hospitality | No. Stories | 3 |
| Property Subtype | Hotel | Year Built | 2012 |
| Building Class | B | Parking Ratio | 3.57/1,000 SF |
| Lot Size | 2.97 AC | Corridor | Interior |
| Sale Type | Investment |
| Sale Conditions | Auction Sale |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | B |
| Lot Size | 2.97 AC |
| Building Size | 44,838 SF |
| No. Rooms | 81 |
| No. Stories | 3 |
| Year Built | 2012 |
| Parking Ratio | 3.57/1,000 SF |
| Corridor | Interior |
Amenities
- Business Center
- Fitness Center
- Pool
- High Speed Internet Access
- Meeting Event Space
- Public Access Wifi
- Smoke-Free
- Hot Tub
Room Mix Information
| Description | No. Rooms | Daily Rate | SF |
|---|---|---|---|
| Suite | 12 | $184.00 | - |
| Guest Room | 69 | $89.00 | - |
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PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $2,966,500 | |
| Land Assessment | $189,500 | Total Assessment | $3,156,000 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$189,500
Improvements Assessment
$2,966,500
Total Assessment
$3,156,000
zoning
| Zoning Code | COM (Commercial zoning classification that allows for retail, office, and entertainment businesses use) |
| COM (Commercial zoning classification that allows for retail, office, and entertainment businesses use) |
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La Quinta Inns & Suites Harrisburg Hershey | 265 N Hershey Rd
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