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Hotel-Motel

Quality Inn & Suites Albuquerque

6100 Iliff Rd NW, Albuquerque, NM 87121

Listing Price: $5,950,000

Cap Rate
11.02%
Number of Rooms
98
RevPAR
$54
Price/Room
$60,714
RRM
3.11
Year Built
1996

Investment Overview

As the exclusive representative of the seller, Marcus & Millichap's National Hospitality Division is pleased to present for sale to qualified investors the Quality Inn & Suites Albuquerque West (‘Hotel’ or ‘Property’). The Choice Hotels International-branded Hotel is offered at $5,950,000 or $60,714 per key. The Quality Inn & Suites Albuquerque West is a three-story, interior and exterior corridor Hotel with 90 fully renovated rooms, eight additional rooms, and six storage rooms with the potential to convert to functional rooms. Well-equipped with numerous common area and guest room amenities, this limited-service midscale Hotel offers spacious guest rooms, an indoor pool, a spa tub, fitness center, business center, 350 square foot meeting room, elevator, and laundry facilities. Albuquerque, New Mexico is a city located in Bernalillo County in the central region of the state, 60 miles southwest of Santa Fe and 140 miles southeast of Gallup. The Quality Inn & Suites Albuquerque West is superbly positioned on West Iliff Road, near the Interstate 40 and Highway 45 interchange. With the city's major employers and popular demand generators in close proximity to the property, this sought-after Hotel benefits from many key industries of the city which include healthcare & social assistance, retail trade, and educational services. Lovelace Medical Center Downtown and Intel Corp, two of the city's largest employers located approximately eight miles from the Hotel, are prime revenue drivers for the surrounding area. Other major employers that are responsible for a significant portion of the workforce include Sandia National Labs (7.9 miles), General Mills Inc. (11.5 miles), and the Kirtland Air Force Base (17.5 miles). Demand generators in the area, like University of New Mexico (6.9 miles) and Albuquerque International Sunport (10.5 miles) help bring additional revenue to the Hotel through an increase in transient business. Extra demand drivers for the city include Petroglyph National Monument (3.9 miles), Cliffs Amusement Park (9.7 miles), and the Albuquerque Downs Racetrack & Casino (9.9 miles). The Hotel also benefits from being (5 miles) from Albuquerque Regional Sports Complex and Nusenda Community Stadium which generates extensive sports team lodging demand. Operationally, the Hotel achieved $1,914,102 in room revenue, resulting in a net operating income of approximately 34 percent of total revenues; this translates to $655,719 before debt service. Focusing on operational efficiency, a new owner can see a significant boost in Hotel performance through additional marketing targeted at increasing occupancy to meet the market. The Hotel has consistently outperformed the competitive set in ADR; this has allowed the Hotel to experience large RevPAR growth upwards of 31 percent since 2018 and reach a RevPAR penetration index of 104 percent. The expenses include provisions for a three percent management fee and a four percent reserve for capital replacement. The Hotel is offered fee simple, unencumbered by a management contract and debt. The Hotel was originally built as a Holiday Inn Express. Ownership has made extensive capital improvements to the asset estimated to be $750 thousand and $1 million. Such improvements include a rear fence replacement with a cinder block wall, parking lot re-asphalting and restriping, water heaters replacements (less than five-years-old), and laundry washers (less than three years old).

Investment Highlights

  • 98-Room (90 Choice Standard & 8 Additional Rooms), Interior/Exterior Corridor, Three-Story Hotel
  • Six Additional Storage Rooms with Potential to Convert to Functioning Units
  • Less than 10 Miles from the Albuquerque International Sunport, University of New Mexico, and Nusenda Community Stadium
  • Offered at 3.11 RRM, Priced Below Replacement Cost at $60,714 Per Key
  • Well Positioned with Excellent Visibility from Interstate 40 and Highway 45
  • Recently Renovated Including Rear Fence Replacement with Cinder Block Wall, Parking Lot Re-Asphalting And Restriping, Replaced Water Heaters (Less Than Five-Years Old), and Laundry Washers (Less Than Three-Years Old)

Exclusively Listed By

Broker of Record

  • Ryan Sarbinoff

    First Vice President/Regional Manager

    (505) 445-6333

    License(s) NM: 20675

    New Mexico

Hotel-Motel

Quality Inn & Suites Albuquerque

Listing Price: $5,950,000

Cap Rate
11.02%
Number of Rooms
98
RevPAR
$54
Price/Room
$60,714
RRM
3.11
Year Built
1996

Investment Highlights

  • 98-Room (90 Choice Standard & 8 Additional Rooms), Interior/Exterior Corridor, Three-Story Hotel
  • Six Additional Storage Rooms with Potential to Convert to Functioning Units
  • Less than 10 Miles from the Albuquerque International Sunport, University of New Mexico, and Nusenda Community Stadium
  • Offered at 3.11 RRM, Priced Below Replacement Cost at $60,714 Per Key
  • Well Positioned with Excellent Visibility from Interstate 40 and Highway 45
  • Recently Renovated Including Rear Fence Replacement with Cinder Block Wall, Parking Lot Re-Asphalting And Restriping, Replaced Water Heaters (Less Than Five-Years Old), and Laundry Washers (Less Than Three-Years Old)

Investment Overview

As the exclusive representative of the seller, Marcus & Millichap's National Hospitality Division is pleased to present for sale to qualified investors the Quality Inn & Suites Albuquerque West (‘Hotel’ or ‘Property’). The Choice Hotels International-branded Hotel is offered at $5,950,000 or $60,714 per key. The Quality Inn & Suites Albuquerque West is a three-story, interior and exterior corridor Hotel with 90 fully renovated rooms, eight additional rooms, and six storage rooms with the potential to convert to functional rooms. Well-equipped with numerous common area and guest room amenities, this limited-service midscale Hotel offers spacious guest rooms, an indoor pool, a spa tub, fitness center, business center, 350 square foot meeting room, elevator, and laundry facilities. Albuquerque, New Mexico is a city located in Bernalillo County in the central region of the state, 60 miles southwest of Santa Fe and 140 miles southeast of Gallup. The Quality Inn & Suites Albuquerque West is superbly positioned on West Iliff Road, near the Interstate 40 and Highway 45 interchange. With the city's major employers and popular demand generators in close proximity to the property, this sought-after Hotel benefits from many key industries of the city which include healthcare & social assistance, retail trade, and educational services. Lovelace Medical Center Downtown and Intel Corp, two of the city's largest employers located approximately eight miles from the Hotel, are prime revenue drivers for the surrounding area. Other major employers that are responsible for a significant portion of the workforce include Sandia National Labs (7.9 miles), General Mills Inc. (11.5 miles), and the Kirtland Air Force Base (17.5 miles). Demand generators in the area, like University of New Mexico (6.9 miles) and Albuquerque International Sunport (10.5 miles) help bring additional revenue to the Hotel through an increase in transient business. Extra demand drivers for the city include Petroglyph National Monument (3.9 miles), Cliffs Amusement Park (9.7 miles), and the Albuquerque Downs Racetrack & Casino (9.9 miles). The Hotel also benefits from being (5 miles) from Albuquerque Regional Sports Complex and Nusenda Community Stadium which generates extensive sports team lodging demand. Operationally, the Hotel achieved $1,914,102 in room revenue, resulting in a net operating income of approximately 34 percent of total revenues; this translates to $655,719 before debt service. Focusing on operational efficiency, a new owner can see a significant boost in Hotel performance through additional marketing targeted at increasing occupancy to meet the market. The Hotel has consistently outperformed the competitive set in ADR; this has allowed the Hotel to experience large RevPAR growth upwards of 31 percent since 2018 and reach a RevPAR penetration index of 104 percent. The expenses include provisions for a three percent management fee and a four percent reserve for capital replacement. The Hotel is offered fee simple, unencumbered by a management contract and debt. The Hotel was originally built as a Holiday Inn Express. Ownership has made extensive capital improvements to the asset estimated to be $750 thousand and $1 million. Such improvements include a rear fence replacement with a cinder block wall, parking lot re-asphalting and restriping, water heaters replacements (less than five-years-old), and laundry washers (less than three years old).

Exclusively Listed By

Broker of Record

  • Ryan Sarbinoff

    First Vice President/Regional Manager

    (505) 445-6333

    License(s): NM: 20675

    New Mexico

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