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 Candlewood Suites Minot (‘Hotel’ or ‘Property’) located in Minot, North Dakota. The IHG Hotel is offered at $4,995,000 or $62,438 per key. The Candlewood Suites Minot is a 80-room, four-story Hotel stationed at 900 37th Ave SW in Minot, North Dakota, just off U.S. Route 83. Various common area amenities at the Property include a laundry facility, fitness center, and gazebo grill. A prime location in Minot, North Dakota, directly off U.S. Route 83, the Property provides guests with tremendous access and connectivity to a vital retail corridor and the rest of the region. The hotel is located near the development of a new $561 million Trinity medical complex which opened in Summer 2023. The Hotel offers a premier location by North Dakota’s largest hospital with 594,000 square feet. The Hotel is the one of the best positioned assets in Minot to take advantage of an enormous number of new temporary employees, traveling nurses, doctors, specialists, and hospital patent families. Additionally, the Hotel is 0.9 miles away from the new Tracks Development which includes seven mixed-use buildings and an entertainment plaza opening in 2024. The Property is also conveniently located near Minot’s YMCA, Sonic Drive-In, Five Guys, Uncle Maddio’s Pizza, Firehouse Subs, and Harbor Freight. The Property is also located within a heavy retail corridor one mile from Dakota Square Mall, which houses national retailers including Target and JCPenney. Minot International Airport is 4.9 miles from the hotel. In 2022, the Property achieved $1.3 million in room revenue and a net operating income just over $455,000 thousand, or 32.9 percent as a percentage of total revenues, after a 4 percent capital replacement reserve and 3 percent management fee. As of July, twelve-month average RevPAR in the North Dakota Area hotel submarket was up 20.7%, in line with the similarly impressive market-wide average. A prospective buyer can anticipate positive RevPAR and NOI trends to persist as sustained momentum from a variety of different travelers. This tremendous hospitality investment asset is an excellent opportunity to acquire a well-equipped asset with an established, well-known IHG brand.