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Hotel-Motel

Baymont by Wyndham Keokuk

325 Main St, Keokuk, IA 52632

Listing Price: $3,000,000

Cap Rate
9.59%
Number of Rooms
80
RevPAR
$30
Price/Room
$37,500
RRM
3.42
Year Built
1968

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 Baymont by Wyndham Keokuk (‘Hotel’ or ‘Property’). The Wyndham Hotels & Resorts-branded Hotel is offered at $3,000,000 or $37,500 per key. The Baymont by Wyndham Keokuk is located at 325 Main Street in Keokuk, Iowa, just off U.S. Highway 218. The 80-room, five-story building was constructed in 1968 and is situated on a 0.96-acre lot. The Property maintains a variety of common area amenities, including a business center, fitness center, laundry facility, indoor pool, meeting event space, and breakfast area. Iowa’s southernmost city and county seat of Lee County, Keokuk is located where the Des Moines River meets the Mississippi. The city’s rich history is underscored by its influence by early settler entanglements with Native Americans. In fact, Sauk chief Keokuk, the city’s namesake, is thought to be buried in Rand Park within the city. Keokuk, along with the city of Fort Madison, is a principal city of the Fort Madison-Keokuk micropolitan area. Manufacturing and health care dominate the local economy in terms of output, with Henniges Automotive, Roquette America, and Keokuk Health Systems ranking as the city’s top employers. Many attractions are scattered throughout the region in and around Keokuk, most notably of which are the Lock and Dam No. 19 and the Grand Theater. The Mississippi River lock and dam began operating its hydroelectric power plant in 1913 as the largest single powerhouse electric generating plant in the world. Another prominent historical construction in Keokuk, the Grand Theater, was modeled after theaters in Chicago and built on the foundation of the Keokuk Opera House. Other important historical sites include Keokuk National Cemetery, Keokuk Veteran’s Memorial, Miller House Museum, and the George M. Verity River Museum. The Property is projected to exceed $876 thousand in room revenues while maintaining more than $287 thousand in net operating income in the first year, or 32.7 percent of gross revenues, after a four percent capital replacement reserve. Focusing on operational efficiency, a new owner can see a significant boost in Hotel performance through additional revenue management strategies. The Hotel is offered fee simple, unencumbered by a management contract and debt.

Investment Highlights

  • Five-Story, 80-Room, Interior-Corridor Hotel
  • Priced at an Attractive 3.42 Room Revenue Multiplier for $37,500 Per Key
  • Highly Visible and Easily Accessible from State Highway 218
  • Surrounded by a Diverse Array of National Landmarks and Historical Sites
  • Projected to Achieve over $876 Thousand in Room Revenue and $287 Thousand in Net Operating Income
  • Offered Fee-Simple, Unencumbered by Management Contracts or Existing Debt

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    (952) 852-9700

    License(s) IA: B63379000

    Iowa

Financing By

Hotel-Motel

Baymont by Wyndham Keokuk

Listing Price: $3,000,000

Cap Rate
9.59%
Number of Rooms
80
RevPAR
$30
Price/Room
$37,500
RRM
3.42
Year Built
1968

Investment Highlights

  • Five-Story, 80-Room, Interior-Corridor Hotel
  • Priced at an Attractive 3.42 Room Revenue Multiplier for $37,500 Per Key
  • Highly Visible and Easily Accessible from State Highway 218
  • Surrounded by a Diverse Array of National Landmarks and Historical Sites
  • Projected to Achieve over $876 Thousand in Room Revenue and $287 Thousand in Net Operating Income
  • 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 qualified investors the Baymont by Wyndham Keokuk (‘Hotel’ or ‘Property’). The Wyndham Hotels & Resorts-branded Hotel is offered at $3,000,000 or $37,500 per key. The Baymont by Wyndham Keokuk is located at 325 Main Street in Keokuk, Iowa, just off U.S. Highway 218. The 80-room, five-story building was constructed in 1968 and is situated on a 0.96-acre lot. The Property maintains a variety of common area amenities, including a business center, fitness center, laundry facility, indoor pool, meeting event space, and breakfast area. Iowa’s southernmost city and county seat of Lee County, Keokuk is located where the Des Moines River meets the Mississippi. The city’s rich history is underscored by its influence by early settler entanglements with Native Americans. In fact, Sauk chief Keokuk, the city’s namesake, is thought to be buried in Rand Park within the city. Keokuk, along with the city of Fort Madison, is a principal city of the Fort Madison-Keokuk micropolitan area. Manufacturing and health care dominate the local economy in terms of output, with Henniges Automotive, Roquette America, and Keokuk Health Systems ranking as the city’s top employers. Many attractions are scattered throughout the region in and around Keokuk, most notably of which are the Lock and Dam No. 19 and the Grand Theater. The Mississippi River lock and dam began operating its hydroelectric power plant in 1913 as the largest single powerhouse electric generating plant in the world. Another prominent historical construction in Keokuk, the Grand Theater, was modeled after theaters in Chicago and built on the foundation of the Keokuk Opera House. Other important historical sites include Keokuk National Cemetery, Keokuk Veteran’s Memorial, Miller House Museum, and the George M. Verity River Museum. The Property is projected to exceed $876 thousand in room revenues while maintaining more than $287 thousand in net operating income in the first year, or 32.7 percent of gross revenues, after a four percent capital replacement reserve. Focusing on operational efficiency, a new owner can see a significant boost in Hotel performance through additional revenue management strategies. The Hotel is offered fee simple, unencumbered by a management contract and debt.

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    (952) 852-9700

    License(s): IA: B63379000

    Iowa

Financing By

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