6161 Quarry Ln
Independence, OH 44131

Prime Location: Located at the intersection of Interstate 480 and 77, fifteen minutes from Downtown Cleveland and Cleveland Hopkins International Airport. The hotel is in a very high barrier to entry market near more than 3.8 Million Sq. feet of office space, dozens of restaurants, 14 hotels, and over 21,000 Employees that commute to Independence to work. Recent Developments: Topgolf just opened in 2020, The City of Independence is partnering with Industrial Realty Group (IRG) in a 33 acre mixed-use development on Rockside Road near the I-480/I-77 interchange expected to bring an additional 1,500-2,000 new jobs. Value Add Opportunity: Currently corporately owned by Corepoint Lodging REIT and managed by Wyndham Worldwide, this property presents significant value add opportunity for a private hands-on investor. The property operates below industry margins due to new corporate management (2018) and overstaffing which presents an excellent opportunity to normalize profit and increase sales. The hotel in 2017 had revenues of $1,714,953 generated revenues of $573,328 (33.4%) net operating income. By Year end 2019 under New Wyndham manage¬ment, the hotel generated revenues of $1,618,788 and realized only $434,590 (26.8%) well below industry averages. Fee Simple Offering: The Property sits on 1.59 acres and is offered fee simple, unencumbered by any management or debt. Minimal PIP: Due by 2027 not to exceed $5,000 per key. Guaranteed no PIP for 6 years after 2027 renovation (2033). PIP Timeline- Total $500,000 in 13 years. Optimal Franchise Terms: Assumption of existing 20 Year License from May 2018 - May 2038 with a reduced application fee of $10,000, 5% Royalty Fee +4.5% Marketing/Reservation Fee.