Hotel-Motel
Siesta Motel
5353 Westbank Expy, Marrero, LA 70072
Listing Price: $3,200,000
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 Siesta Motel in Marrero, Louisiana (‘Hotel’ or ‘Property’). The independent-branded Hotel is offered at $3,200,000 or $47,059 per key. The Siesta Motel is located at 5353 Westbank Expressway in Marrero, Louisiana just off Highway 90. The 68-room, exterior-corridor, two-story building was built in 1972 and stretches 0.5 acres. With approximately 14,400 square feet between two floors, the Property maintains amenities such as vending services, a commercial laundry room, and spacious on-site manager’s quarters. Marrero, a census-designated place in Jefferson County, is located on the south side of the Mississippi River, within the New Orleans-Metairie-Kenner Metropolitan Statistical Area. As a result of it being the most populated city in Louisiana, New Orleans’s strong economy is driven by many different industries. New Orleans operates one of the largest and busiest ports and is a center of the maritime industry, as well as oil refining and petrochemical production. Additional industries in the region include health care, tourism, and higher education. Tulane University and its nearly 14,000 students call New Orleans home and bring thousands of visitors to the area for academic and athletic events. Caesars Superdome, Smoothie King Center, and the Pan American Stadium are the home fields for the New Orleans Saints (NFL), Pelicans (NBA), and the Jesters (NPSL). Furthermore, the city is one of the hottest tourist regions with attractions like the historic French Quarter, Bourbon Street, New Orleans African American Museum, National WWII Museum, Audubon Zoo, Aquarium of the Americas, and the New Orleans Morial Convention Center. In 2022, the Hotel recorded room revenues of over $973 thousand, while maintaining a net operating income of over 46.4 percent of total revenue, which equates to over $452 thousand, after a four percent capital replacement reserve. An experienced owner-operator should expect a gradual increase in RevPAR after the completion of renovations and implementation of revenue management strategies, not only boosting revenues but also overall value.
Siesta Motel
Investment Highlights
- Two-Story, 68-Room, Exterior-Corridor Hotel Located Within the New Orleans Metropolitan Statistical Area
- Highly Visible and Easily Accessible from Highway 90 and Highway 45
- Nearby Room Demand Generators Include Tulane University, Caesars Superdome, Smoothie King Center, Pan American Stadium, Historic French Quarter, and Bourbon Street
- Excellent Opportunity to Increase Overall Value Through Renovations and Implementation of Revenue Management Strategies
Listing Price: $3,200,000
Investment Highlights
- Two-Story, 68-Room, Exterior-Corridor Hotel Located Within the New Orleans Metropolitan Statistical Area
- Highly Visible and Easily Accessible from Highway 90 and Highway 45
- Nearby Room Demand Generators Include Tulane University, Caesars Superdome, Smoothie King Center, Pan American Stadium, Historic French Quarter, and Bourbon Street
- Excellent Opportunity to Increase Overall Value Through Renovations and Implementation of Revenue Management Strategies
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 Siesta Motel in Marrero, Louisiana (‘Hotel’ or ‘Property’). The independent-branded Hotel is offered at $3,200,000 or $47,059 per key. The Siesta Motel is located at 5353 Westbank Expressway in Marrero, Louisiana just off Highway 90. The 68-room, exterior-corridor, two-story building was built in 1972 and stretches 0.5 acres. With approximately 14,400 square feet between two floors, the Property maintains amenities such as vending services, a commercial laundry room, and spacious on-site manager’s quarters. Marrero, a census-designated place in Jefferson County, is located on the south side of the Mississippi River, within the New Orleans-Metairie-Kenner Metropolitan Statistical Area. As a result of it being the most populated city in Louisiana, New Orleans’s strong economy is driven by many different industries. New Orleans operates one of the largest and busiest ports and is a center of the maritime industry, as well as oil refining and petrochemical production. Additional industries in the region include health care, tourism, and higher education. Tulane University and its nearly 14,000 students call New Orleans home and bring thousands of visitors to the area for academic and athletic events. Caesars Superdome, Smoothie King Center, and the Pan American Stadium are the home fields for the New Orleans Saints (NFL), Pelicans (NBA), and the Jesters (NPSL). Furthermore, the city is one of the hottest tourist regions with attractions like the historic French Quarter, Bourbon Street, New Orleans African American Museum, National WWII Museum, Audubon Zoo, Aquarium of the Americas, and the New Orleans Morial Convention Center. In 2022, the Hotel recorded room revenues of over $973 thousand, while maintaining a net operating income of over 46.4 percent of total revenue, which equates to over $452 thousand, after a four percent capital replacement reserve. An experienced owner-operator should expect a gradual increase in RevPAR after the completion of renovations and implementation of revenue management strategies, not only boosting revenues but also overall value.
