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Hotel-Motel

Country Inn & Suites by Radisson Benton Harbor/St Joseph

2276 Pipestone Rd, Benton Harbor, MI 49022

Listing Price: $5,950,000

Cap Rate
4.74%
Number of Rooms
78
RevPAR
$51
Price/Room
$76,282
RRM
4.55
Year Built
1999

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 Country Inn & Suites by Radisson Benton Harbor/St Joseph (‘Hotel’ or ‘Property’). The Radisson-branded Hotel is offered at $5,950,000 or $76,282 per key. The Country Inn & Suites by Raddison Benton Harbor/St Joseph is located at 2276 Pipestone Rd in Benton Harbor, Michigan just off Interstate 94. The 78-room, three-story building was constructed in 1999 and spans 2.38 acres. The Property maintains a wide variety of common area amenities such as a guest laundry facility, fitness center, indoor pool, breakfast area, and meeting facility. Benton Harbor is located 46 miles southwest of Kalamazoo and 71 miles southwest of Grand Rapids in Michigan. One of the two “Twin Cities” that comprise the Niles-Benton Harbor Metropolitan Statistical Area, Benton Harbor shares the St. Joseph River with the city of St. Joseph. With a combined population of over 150,000, the two cities have strong overlapping economies with large employers. For instance, Whirlpool Corporation, the world’s largest manufacturer of major home appliances, established headquarters in the Benton Charter Township and provides significant contributions to the local economy. The area has six major highways that reach Kalamazoo, Detroit, Chicago, Grand Rapids, and Michigan City, providing ample access to demand generators from larger metropolitan areas. Another significant sector of the local economy, both Benton Harbor and St. Joseph exist as commercial ports for receiving bulk goods from lake freighters. Furthermore, local events such as the Blossomtime Festival, which Benton Harbor co-hosts with St. Joseph each year, and the Maytag Ironman 70.3 Steelhead triathlon, which is a qualifying event for the Ironman 70.3 World Championship, are both held in Benton Harbor and welcome hundreds of thousands of spectators. In the trailing twelve-month period ending in August 2022, room revenues reached $1.4 million while maintaining a net operating income of $280 thousand, or 19.5 percent of gross revenues, after a 4 percent capital replacement reserve and a 3 percent management fee. The limited-service Hotel is an ideal investment for an owner-operator who can maximize the Property’s value-add potential through operational initiatives and aggressive revenue management strategies.

Investment Highlights

  • Three-Story, 78-Room, Interior-Corridor, Raddisson-Branded Hotel
  • Highly Visible and Easily Accessible from Interstate 94
  • Property Located Less Than 15 Minutes from Southwest Michigan Regional Airport
  • Surrounded by Nationally Acclaimed Retailers, Restaurants, and Entertainment Amenities
  • TTM August 2022 Eclipsed $1.4 Million in Room Revenue and $280 Thousand in Net Operating Income

Exclusively Listed By

Broker of Record

  • Steven Chaben

    Senior Vice President / Regional Manager

    (248) 415-2600

    License(s) MI: 6502387903

    Michigan

Hotel-Motel

Country Inn & Suites by Radisson Benton Harbor/St Joseph

Listing Price: $5,950,000

Cap Rate
4.74%
Number of Rooms
78
RevPAR
$51
Price/Room
$76,282
RRM
4.55
Year Built
1999

Investment Highlights

  • Three-Story, 78-Room, Interior-Corridor, Raddisson-Branded Hotel
  • Highly Visible and Easily Accessible from Interstate 94
  • Property Located Less Than 15 Minutes from Southwest Michigan Regional Airport
  • Surrounded by Nationally Acclaimed Retailers, Restaurants, and Entertainment Amenities
  • TTM August 2022 Eclipsed $1.4 Million in Room Revenue and $280 Thousand in Net Operating Income

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 Country Inn & Suites by Radisson Benton Harbor/St Joseph (‘Hotel’ or ‘Property’). The Radisson-branded Hotel is offered at $5,950,000 or $76,282 per key. The Country Inn & Suites by Raddison Benton Harbor/St Joseph is located at 2276 Pipestone Rd in Benton Harbor, Michigan just off Interstate 94. The 78-room, three-story building was constructed in 1999 and spans 2.38 acres. The Property maintains a wide variety of common area amenities such as a guest laundry facility, fitness center, indoor pool, breakfast area, and meeting facility. Benton Harbor is located 46 miles southwest of Kalamazoo and 71 miles southwest of Grand Rapids in Michigan. One of the two “Twin Cities” that comprise the Niles-Benton Harbor Metropolitan Statistical Area, Benton Harbor shares the St. Joseph River with the city of St. Joseph. With a combined population of over 150,000, the two cities have strong overlapping economies with large employers. For instance, Whirlpool Corporation, the world’s largest manufacturer of major home appliances, established headquarters in the Benton Charter Township and provides significant contributions to the local economy. The area has six major highways that reach Kalamazoo, Detroit, Chicago, Grand Rapids, and Michigan City, providing ample access to demand generators from larger metropolitan areas. Another significant sector of the local economy, both Benton Harbor and St. Joseph exist as commercial ports for receiving bulk goods from lake freighters. Furthermore, local events such as the Blossomtime Festival, which Benton Harbor co-hosts with St. Joseph each year, and the Maytag Ironman 70.3 Steelhead triathlon, which is a qualifying event for the Ironman 70.3 World Championship, are both held in Benton Harbor and welcome hundreds of thousands of spectators. In the trailing twelve-month period ending in August 2022, room revenues reached $1.4 million while maintaining a net operating income of $280 thousand, or 19.5 percent of gross revenues, after a 4 percent capital replacement reserve and a 3 percent management fee. The limited-service Hotel is an ideal investment for an owner-operator who can maximize the Property’s value-add potential through operational initiatives and aggressive revenue management strategies.

Exclusively Listed By

Broker of Record

  • Steven Chaben

    Senior Vice President / Regional Manager

    (248) 415-2600

    License(s): MI: 6502387903

    Michigan

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