Country Inn & Suites Midway Tallahassee West | 85 River Park Dr
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Country Inn & Suites Midway Tallahassee West 85 River Park Dr
53 Room Hotel Midway, FL 32343 $4,950,000 ($93,396/Room) 7.64% Cap Rate
INVESTMENT HIGHLIGHTS
- • 53-Rooms | 2 Stories | Interior Corridor
- • Ideal Room Count for an Owner-Operator
- • YE 2024 ADR / Occ / RevPAR: $84.10 ADR / 71.6% Occ / $60.19 RevPAR
- • Minimal Change of Ownership PIP - $424,000+/- in Recent Renovations
- • 5.1+/- Acres of Land in Total - Adjacent Lot Included in Sale
- • Year 1 Projected Room Revenue of $1,339,788
EXECUTIVE SUMMARY
OFFERING OVERVIEW:
DSH Hotel Advisors has been retained as the exclusive broker to market for sale the Country Inn & Suites Midway, - Tallahassee West, a Radisson-Choice Branded hotel located in Midway, Florida. The 53-room interior corridor hotel is located directly off of Interstate 10 and US -50, providing easy access to Tallahassee (15-minute commute) is approximately 8 miles from Florida State University.
PROPERTY OVERVIEW:
The subject property remains in excellent condition due to an ongoing capital improvement plan and recent renovations completed. It is estimated that the change of ownership PIP would be approximately $50,000+/-; however, that is only an estimate and would need to be verified by Choice Hotels via an issued change of ownership PIP. The current owners have recently spent approximately $424,000+/- in Renovations / PIP requirements.
RENOVATIONS COMPLETED / IN PROGRESS INCLUDE:
• Exterior Bldg: New Grills, Parking Lot, Dumpster area
• Exterior & Interior Paint
• Lobby & Breakfast Areas
• Public Areas, Fitness Room
• Pool & Vending Area
• Laundry
• Corridors & Stairwells
• Corridors & Stairwells
• Guest Room Carpet/LVT
• Guest Room Finishes
• Guest Room FF&E
• Guest Bathrooms
• New Roof (2024)
GADSDEN COUNTY / TALLAHASSEE:
Gadsden County is a county located in the Panhandle of Florida and is included in the Tallahassee metropolitan area. The Tallahassee Metropolitan Statistical Area consists of the Florida counties of Gadsden, Jefferson, Leon and Wakulla. Tallahassee is located approximately 10 minutes away and is home to two of Florida’s major public universities, Florida State University and Florida A&M University, as well as Tallahassee Community College. Together these institutions have a combined enrollment of more than 70,000 students annually.
Property Highlights:
• Country Inn & Suites by Radisson
• 53-Rooms | 2 Stories | Interior Corridor
• 2005 Construction
• 5.1+/- Acres of Land in Total - Adjacent Lot Included in Sale
• Ideal Room Count for an Owner-Operator
• Minimal Change of Ownership PIP - $424,000+/- in Recent Renovations
• On-Site Amenities Include an Outdoor Pool, Breakfast Seating Area, Fitness Center,
Business Center, and High-Speed Internet
Location Highlights:
• Situated Directly off US-90 & Interstate-10
• 8 Miles from Florida State University
• 10 Miles from Florida State Capitol
• Located in the Tallahassee Metropolitan Statistical Area
Financial Highlights:
• List Price of $4,950,000
• YE 2024 Room Revenue of $1,165,880
• YE 2024 Net Operating Income of $378,274
• YE 2024 ADR / Occ / RevPAR: $84.10 ADR / 71.6% Occ / $60.19 RevPAR
• YE 2024 Comp Set ADR / Occ / RevPAR: $123.27 ADR / 67.4% Occ / $83.03 RevPAR
• Year 1 Projected Room Revenue of $1,339,788
DSH Hotel Advisors has been retained as the exclusive broker to market for sale the Country Inn & Suites Midway, - Tallahassee West, a Radisson-Choice Branded hotel located in Midway, Florida. The 53-room interior corridor hotel is located directly off of Interstate 10 and US -50, providing easy access to Tallahassee (15-minute commute) is approximately 8 miles from Florida State University.
PROPERTY OVERVIEW:
The subject property remains in excellent condition due to an ongoing capital improvement plan and recent renovations completed. It is estimated that the change of ownership PIP would be approximately $50,000+/-; however, that is only an estimate and would need to be verified by Choice Hotels via an issued change of ownership PIP. The current owners have recently spent approximately $424,000+/- in Renovations / PIP requirements.
RENOVATIONS COMPLETED / IN PROGRESS INCLUDE:
• Exterior Bldg: New Grills, Parking Lot, Dumpster area
• Exterior & Interior Paint
• Lobby & Breakfast Areas
• Public Areas, Fitness Room
• Pool & Vending Area
• Laundry
• Corridors & Stairwells
• Corridors & Stairwells
• Guest Room Carpet/LVT
• Guest Room Finishes
• Guest Room FF&E
• Guest Bathrooms
• New Roof (2024)
GADSDEN COUNTY / TALLAHASSEE:
Gadsden County is a county located in the Panhandle of Florida and is included in the Tallahassee metropolitan area. The Tallahassee Metropolitan Statistical Area consists of the Florida counties of Gadsden, Jefferson, Leon and Wakulla. Tallahassee is located approximately 10 minutes away and is home to two of Florida’s major public universities, Florida State University and Florida A&M University, as well as Tallahassee Community College. Together these institutions have a combined enrollment of more than 70,000 students annually.
Property Highlights:
• Country Inn & Suites by Radisson
• 53-Rooms | 2 Stories | Interior Corridor
• 2005 Construction
• 5.1+/- Acres of Land in Total - Adjacent Lot Included in Sale
• Ideal Room Count for an Owner-Operator
• Minimal Change of Ownership PIP - $424,000+/- in Recent Renovations
• On-Site Amenities Include an Outdoor Pool, Breakfast Seating Area, Fitness Center,
Business Center, and High-Speed Internet
Location Highlights:
• Situated Directly off US-90 & Interstate-10
• 8 Miles from Florida State University
• 10 Miles from Florida State Capitol
• Located in the Tallahassee Metropolitan Statistical Area
Financial Highlights:
• List Price of $4,950,000
• YE 2024 Room Revenue of $1,165,880
• YE 2024 Net Operating Income of $378,274
• YE 2024 ADR / Occ / RevPAR: $84.10 ADR / 71.6% Occ / $60.19 RevPAR
• YE 2024 Comp Set ADR / Occ / RevPAR: $123.27 ADR / 67.4% Occ / $83.03 RevPAR
• Year 1 Projected Room Revenue of $1,339,788
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $4,950,000 | Lot Size | 2.08 AC |
| Price Per Room | $93,396 | Building Size | 28,669 SF |
| Sale Type | Investment | No. Rooms | 53 |
| Cap Rate | 7.64% | No. Stories | 2 |
| Property Type | Hospitality | Year Built/Renovated | 2005/2015 |
| Property Subtype | Hotel | Parking Ratio | 1.91/1,000 SF |
| Building Class | B | Corridor | Interior |
| Price | $4,950,000 |
| Price Per Room | $93,396 |
| Sale Type | Investment |
| Cap Rate | 7.64% |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | B |
| Lot Size | 2.08 AC |
| Building Size | 28,669 SF |
| No. Rooms | 53 |
| No. Stories | 2 |
| Year Built/Renovated | 2005/2015 |
| Parking Ratio | 1.91/1,000 SF |
| Corridor | Interior |
AMENITIES
- Business Center
- Fitness Center
- Pool
- High Speed Internet Access
- Patio
- Public Access Wifi
- Smoke-Free
ROOM MIX INFORMATION
| DESCRIPTION | NO. ROOMS | DAILY RATE | SF |
|---|---|---|---|
| Suite | 10 | $105.00 | - |
| Guest Room | 43 | $95.00 | - |
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PROPERTY TAXES
| Parcel Number | 4-15-1N-2W-0000-00420-0200 | Improvements Assessment | $2,040,000 |
| Land Assessment | $510,000 | Total Assessment | $2,550,000 |
PROPERTY TAXES
Parcel Number
4-15-1N-2W-0000-00420-0200
Land Assessment
$510,000
Improvements Assessment
$2,040,000
Total Assessment
$2,550,000
ZONING
| Zoning Code | COM (Commercial) |
| COM (Commercial) |
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Country Inn & Suites Midway Tallahassee West | 85 River Park Dr
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