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 Fairfield Inn & Suites North Platte (‘Hotel’ or ‘Property’) located in North Platte, Nebraska. The Marriot Hotels & Resorts-branded Hotel is offered at $9,500,000 or $115,854 per key. The Fairfield Inn & Suites North Platte is an 82-room, three-story Hotel stationed at 319 W South River Rd, North Platte, NE 69101, just off U.S. Highway 83 and Interstate 80. Various common area amenities at the Property include an indoor pool and hot tub, breakfast area, fitness center, meeting space, laundry facility, and convenience store. North Platte, Nebraska is a charming city nestled in western Nebraska’s Lincoln County. North Platte is known for its rich history and a wide array of attractions. The Hotel's proximity to some of the city’s popular demand generators allows it to take full advantage of the prominent industries within the local economy. Visitors can explore the iconic Buffalo Bill Ranch State Historical Park (4.8 miles), which pays tribute to the legendary Wild West showman Buffalo Bill Cody. History enthusiasts can also visit the Lincoln County Historical Museum (4.4 miles) to delve into the region's past. Nature lovers can immerse themselves in the picturesque landscapes of Cody Park (2.9 miles) or take a leisurely stroll at the Lake Maloney State Recreation Area (6.7 miles). Sports enthusiasts can enjoy golfing, fishing, and boating in the area's beautiful lakes and golf courses. Additionally, North Platte hosts the famous Nebraskaland Days celebration, an annual event featuring rodeos, concerts, parades, and carnival rides, which draws visitors from far and wide. The economy of North Platte is diverse and driven by several key industries. One of the primary economic contributors is transportation and logistics, owing to the city's strategic location along Interstate 80 and the Union Pacific Railroad. North Platte is home to Bailey Yard (6.2 miles), the largest railroad classification yard in the world, which employs a significant portion of the local workforce. The healthcare sector is another major component of the city's economy, with Great Plains Health being one of the largest employers in the region. Another major employer is the North Platte-Lee Bird Regional Airport, located 5 miles from the hotel. Additionally, the agriculture industry plays a vital role, given the area's fertile farmlands and ranches. In the trailing twelve-month period ending in April 2023, the limited-service Hotel recorded room revenues of over $2.6 million and a net operating income of just over $858 thousand, or 30 percent as a percentage of total revenues, after a 4 percent capital replacement reserve and 3 percent management fee. As of April, the twelve-month average RevPAR in the I-80 Corridor hotel submarket was up 9.3 percent. A prospective buyer should be able to capitalize on the anticipated increase in RevPAR through better revenue management, not only benefiting from increased market share but also higher NOI flow-through.