Investment Overview

RI Marketplace Online Auction October 16-18, 2023 View Asset: https://rimarketplace.com/auction/1606/best-western-new-orleans-east-175-rooms-92k-vpd?utm_source=costar&utm_medium=listing&utm_campaign=hospitality_1606 Marcus & Millichap and RI Marketplace have been retained to offer for sale the fee simple interest in the 175-room Best Western New Orleans East Hotel located at 10100 I-10 Service Road in New Orleans, LA (the “Property” or “Hotel”). The Property provides the opportunity for a new owner to acquire a 175-room hotel with potential to realize significant RevPAR growth through experienced hands on-management. This 175-room interior corridor hotel is a 1980-built, 8-story property strategically located off Interstate 10, providing ease of access for commerce and tourism. Positioned on ±2.8 acres of land, the Property offers abundant surface parking spaces and is easily accessible via two points of ingress/egress. The Property is zoned C3/Heavy Commercial and offers favorable, flexible zoning. Recently completed CapEx includes a roof replacement in 2021. The Property features a spacious lobby, breakfast area, convenience/sundry store, business center, meeting/event space, guest laundry, 24-hr fitness center, and outdoor pool. Comfortable and spacious guest rooms feature complimentary Wi-Fi, flat-screen TVs, and coffee makers. The Hotel is currently operating only 125 rooms of the 175 total rooms on 6 floors allowing for increased cash flow through aggressive management, sales and marketing strategies. Additionally, 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. The sprawling, 7-square-mile neighborhood of New Orleans East is located along the edge of New Orleans between the lake on two sides and the Industrial Canal and Intracoastal Waterway on the other sides. The Best Western New Orleans East is easily accessible with immediate access and visibility from the highly trafficked I-10 and is positioned just ±25-minutes from Louis Armstrong New Orleans International Airport (MSY) and within a ±30-minute drive of Port of New Orleans. The Property is visible to nearly 92,000 vehicles per day commuting on I-10. Additionally, major rail and bus lines also traverse the neighborhood. The Property benefits from an array of nearby corporate demand generators including NASA Michoud Assembly Facility, New Orleans East Hospital, New Orleans Lakefront Airport, Folgers Coffee, and the U.S. Coast Guard Base New Orleans. The New Orleans Central Business District and the French Quarter are only a short drive or bus ride away from New Orleans East, as is Lake Pontchartrain to the north. The Hotel benefits from its location just minutes from the excitement of the French Quarter, Treme and Warehouse District. The Hotel is also strategically positioned 15-minutes from several leisure demand drivers including the Ernest N. Morial Convention Center, Louisiana Super Dome, New Orleans Arena, Jackson Square, Bourbon Street, and Canal Street (all within 10-miles of the Hotel). The Property offers excellent accessibility to the greater area and is strategically located in a densely populated area that serves ±63,550 people within a 3-mi area and ±84,539 individuals with an average household income of ±$57,525 within 5-mi (2022). Lamar P. Fisher Fisher Auction Company Inc. License: 1983