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 Quality Inn & Suites Medina-Akron West (‘Hotel’ or ‘Property’) located in Medina, Ohio. The Choice Hotels-branded Hotel is offered at "call for offers" basis. Please reach out to the listing agent for more information. The Quality Inn & Suites Medina-Akron West is a 77-room, two-story Hotel stationed at 2850 Medina Road in Medina, Ohio, just off Interstate 71 . Various common area amenities at the Property include an indoor heated pool, breakfast area, fitness center, laundry facility, and business center. Medina is the county seat of Medina County, Ohio and lies about 33 miles south of Cleveland and 23 miles west of Akron within the Cleveland metropolitan area. The city offers numerous outdoor recreational opportunities, including parks, hiking trails, and golf courses. One of the most popular parks in the area is the Buckeye Woods Park, which features a lake, playgrounds, and picnic areas. In the heart of the city, Medina Square is surrounded by historic buildings, a beautiful gazebo, and a variety of restaurants and shops to visit. Medina is also home to a local brewery, Blue Heron Brewery & Event Center, which offers a variety of brews, live music, and hosts events year-round. Another local business, Root Candles, is a Medina-based company that has been making candles since 1869 and is known for quality, unique scents. Visitors can tour the factory, shop for candles, and learn about the candle-making process. For travelers visiting during the holiday season, Castle Noel is a must-stop, Christmas-themed museum that exhibits memorabilia from famous Christmas movies like “A Christmas Story” and “Elf.” A diverse economy with various industries contributing to its growth and development, Medina’s top economic industries primarily include manufacturing, healthcare, retail, education, and construction. Manufacturing is currently the leading industry in the city, employing a significant portion of the city’s population and is underscored by its various sub-sectors such as metalworking, plastics, and food processing. Medina's economy is also bolstered by the healthcare and retail industries. The healthcare sector is anchored by numerous hospitals, clinics, and medical facilities, while the retail industry is supported by multiple shopping centers and retail stores in the area. As of January, the hotel submarket in the Cleveland Surrounding Areas saw a significant rise in its twelve-month Revenue Per Available Room (RevPAR), increasing sharply at a year-over-year rate of 16.6%. In the Cleveland market, the RevPAR increased even more strongly at 29.7% during the same period. Two projects underway in the Cleveland Surrounding Areas submarket will add 134 rooms to the existing inventory, representing a 2.4% expansion. Although there have been other construction projects in the submarket recently, this is a change from the previous trend of inventory contraction over the past three years due to demolition activity outpacing new construction. In 2022, the limited-service Hotel recorded room revenues of over $743 thousand and 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.