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Hotel-Motel

State House Inn Springfield

101 E Adams St, Springfield, IL 62701

Listing Price: Request For Offer

Number of Rooms
125
RevPAR
$36
Year Built
1961

Investment Overview

As the exclusive representative of the Seller, Marcus & Millichap's National Hospitality Division is pleased to present for sale to quali?ed investors the State House Inn Spring?eld (‘Hotel’ or ‘Property’). The independent Hotel is offered on a call for offers basis. The State House Inn Spring?eld is located at 101 E Adams Street in Spring?eld, Illinois near East Jefferson Street. This Institutionally Owned Property features 23 executive bedroom suites, two themed Presidential Suites, the Top Hat Lounge, 5,500 square feet of meeting space, and a wide variety of locally inspired artwork. Complete with a stone ?replace and lounge seating, the Hotel lobby also maintains high-top workspaces and televisions. Prominently known as the childhood home of Abraham Lincoln, Spring?eld is the capital city of Illinois, located approximately 100 miles north of St. Louis, 200 miles southwest of Chicago, and 200 miles west of Indianapolis. The sixth most-populous city in the state, the second largest outside of Chicago, and the largest in central Illinois, Spring?eld’s population is just over 115,000 and the county seat of Sangamon County. Centrally located within the state, the area is both a hub of economic activity and a national historical site, bringing in over a million tourists annually. Visitors from across the country travel to the city to see Lincoln’s presidential museum, home, and ?nal resting place. Boasting a massive health care sector, Spring?eld’s top employers within the industry employ a combined 13,000 residents and include Memorial Health System, St. John’s Hospital, Hospital Sisters Health System, and Spring?eld Clinic. Another large sector of the economy is rooted in government employees, with the State of Illinois employing nearly 18,000 people. While tourism to the area is underscored by the Lincoln Home and Tomb, many visitors frequent Frank Lloyd Wright’s Dana-Thomas House, the Old State Capitol State Historic Site, Knight’s Action Park, and Caribbean Water Park. Through twelve-months ending September 2022, the select-service Hotel recorded room revenues of over $1.62 million and a net operating income above $376.5 thousand, or 22.5 percent as a percentage of total revenues, after a 4 percent capital replacement reserve and 3 percent management fee. RevPAR has continued to steadily increase year-over-year, with over 265 percent increase from 2020 to T-12 September 2022. A prospective buyer should be able to capitalize on the anticipated increase in RevPAR from better revenue management, not only bene?ting from increased market share but also higher NOI ?ow-through.

Investment Highlights

  • Seven-Story, 125-Room, Independent, Institutionally Owned, Select-Service Hotel with Banquet and Conference Center
  • Additional Parking Lot Across Street
  • Banquet and Conference Center Offered with Catering Lease in Place
  • Located In Downtown Springfield, Illinois; Directly Across from the Illinois State Capital
  • Blocks from Abraham Lincoln Historic Sites and Museums
  • Steel and Concrete Construction; Recently Renovated in 2018 and 2019
  • Expected to Trade Below Replacement Cost
  • Offered Fee-Simple, Unencumbered by Management Contracts or Existing Debt

Exclusively Listed By

Financing By

Hotel-Motel

State House Inn Springfield

Listing Price: Request For Offer

Number of Rooms
125
RevPAR
$36
Year Built
1961

Investment Highlights

  • Seven-Story, 125-Room, Independent, Institutionally Owned, Select-Service Hotel with Banquet and Conference Center
  • Additional Parking Lot Across Street
  • Banquet and Conference Center Offered with Catering Lease in Place
  • Located In Downtown Springfield, Illinois; Directly Across from the Illinois State Capital
  • Blocks from Abraham Lincoln Historic Sites and Museums
  • Steel and Concrete Construction; Recently Renovated in 2018 and 2019
  • Expected to Trade Below Replacement Cost
  • Offered Fee-Simple, Unencumbered by Management Contracts or Existing Debt

Investment Overview

As the exclusive representative of the Seller, Marcus & Millichap's National Hospitality Division is pleased to present for sale to quali?ed investors the State House Inn Spring?eld (‘Hotel’ or ‘Property’). The independent Hotel is offered on a call for offers basis. The State House Inn Spring?eld is located at 101 E Adams Street in Spring?eld, Illinois near East Jefferson Street. This Institutionally Owned Property features 23 executive bedroom suites, two themed Presidential Suites, the Top Hat Lounge, 5,500 square feet of meeting space, and a wide variety of locally inspired artwork. Complete with a stone ?replace and lounge seating, the Hotel lobby also maintains high-top workspaces and televisions. Prominently known as the childhood home of Abraham Lincoln, Spring?eld is the capital city of Illinois, located approximately 100 miles north of St. Louis, 200 miles southwest of Chicago, and 200 miles west of Indianapolis. The sixth most-populous city in the state, the second largest outside of Chicago, and the largest in central Illinois, Spring?eld’s population is just over 115,000 and the county seat of Sangamon County. Centrally located within the state, the area is both a hub of economic activity and a national historical site, bringing in over a million tourists annually. Visitors from across the country travel to the city to see Lincoln’s presidential museum, home, and ?nal resting place. Boasting a massive health care sector, Spring?eld’s top employers within the industry employ a combined 13,000 residents and include Memorial Health System, St. John’s Hospital, Hospital Sisters Health System, and Spring?eld Clinic. Another large sector of the economy is rooted in government employees, with the State of Illinois employing nearly 18,000 people. While tourism to the area is underscored by the Lincoln Home and Tomb, many visitors frequent Frank Lloyd Wright’s Dana-Thomas House, the Old State Capitol State Historic Site, Knight’s Action Park, and Caribbean Water Park. Through twelve-months ending September 2022, the select-service Hotel recorded room revenues of over $1.62 million and a net operating income above $376.5 thousand, or 22.5 percent as a percentage of total revenues, after a 4 percent capital replacement reserve and 3 percent management fee. RevPAR has continued to steadily increase year-over-year, with over 265 percent increase from 2020 to T-12 September 2022. A prospective buyer should be able to capitalize on the anticipated increase in RevPAR from better revenue management, not only bene?ting from increased market share but also higher NOI ?ow-through.

Exclusively Listed By

Financing By

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