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 Red Roof Inn & Travel Inn Perrysburg (‘Hotel’ or ‘Property’) located in Perrysburg, Ohio. The Red Roof Inn-branded Hotel is offered with the 40-room, independent Travel Inn hotel at $3,100,000 or $39,744 per key. The Red Roof Inn Perrysburg is a 78-room, two-story Hotel stationed at 3555 Hanley Road in Perrysburg, Ohio, just off the intersection of Interstate 90 and Interstate 280. Additionally, the Travel Inn Perrysburg is a 40-room, two-story, independent hotel situated on the same lot. Various common area amenities at the Property include a snack center, lobby sitting area, and vending machines. Perrysburg is located in northwestern Ohio as a part of the Toledo metropolitan area, close to the border of Michigan and Indiana. Situated along the south bank of the Maumee River in Wood County, the city is bordered by Toledo (12 mi) to the north and Bowling Green (21 mi) to the south. Perrysburg is near a regional airport, Toledo Express Airport, as well as several major highways, including I-75, I-90, I-475, and the Ohio Turnpike. The city’s largest economic sectors largely include manufacturing, healthcare, education, and retail trade. Manufacturers such as Toledo Machining Incorporated, Dayton Freight – Toledo, and Tri-State Expedited Service Incorporated are located near Perrysburg with several more in the metropolitan area. Top employers for the region include O-I Glass Incorporated, ProMedica Health System, and the Perrysburg Exempted Village School District. A variety of travel centers also provide transient demand for rooms with Pilot, TA, Love’s, and Flying J Travel Centers providing ample parking for large trucks, RVs, and semi-trucks. The surrounding landscape provides Perrysburg with several publicly used natural areas, including the Maumee Bay State Park, the Oak Openings Preserve Metropark, and the Maumee State Forest. Additionally, an abundance of parks and trails are scattered throughout the region, with the Audubon Islands State Nature Preserve, Fort Meigs State Memorial, and Side Cut Metropark located in the city’s vicinity. Tourists can go shopping at The Town Center at Levis Commons, an outdoor shopping center featuring more than 50 retailers, 15 restaurants, and 12 movie screens. The Perrysburg Area Historical Museum and Maumee Bay Brewing Company are popular destinations explored by tourists, with even more traveling to the neighboring city of Toledo for its attractions. Among these, the Toledo Zoo and Aquarium, Franklin Park Mall, Toledo Museum of Art, and the National Museum of the Great Lakes are the most frequented by visitors to the region. In 2022, the Hotel achieved room revenues greater than $780 thousand while maintaining a net operating income (NOI) over $274 thousand, or 35.4 percent as a percentage of gross revenues, after a four percent capital replacement reserve. Outperforming the STR-defined competitive set, the Hotel’s RevPAR penetration index (RPI) has exceeded 110% every year since 2020, an upward trajectory it’s expected to maintain. A prospective buyer should be able to capitalize on the anticipated increase in RevPAR from better revenue management, not only benefiting from increased market share but also higher NOI flow-through.