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 Sleep Inn & Suites situated in Colby, Kansas (‘Hotel’ or ‘Property’). The Choice Hotels International-branded Hotel is offered at $4,800,000 or $71,642 per key, and at a capitalization rate of 13.6 percent. The Sleep Inn & Suites is a 67-room, midscale, interior-corridor Hotel located at 2075 Sewell Avenue in Colby, Kansas. The Hotel is highly visible off Interstate 70 which runs east-west through Kansas and provides prime connections to major cities like Denver, Colorado and Kansas City, Missouri. The property was recently renovated in 2022, and offers common area amenities including a business center, fitness center, breakfast buffet area, guest laundry facility and meeting room. Colby, Kansas is situated in the northwest region of Kansas, in Thomas County, approximately 50 miles east of the Colorado state line. Founded in 1884, Colby, Kansas grew rapidly due to its location on the Union Pacific Railroad line, which made it a center for trade and transportation in the region. Colby's economy is primarily based on agriculture, with farming and ranching being significant industries in the area. Additionally, the city serves as a regional hub for commerce and services, providing essential goods and services to residents and visitors alike. The Sleep Inn & Suites in Colby, Kansas, offers an appealing investment opportunity due to its strategic location near several interest generators. Less than a mile from the Hotel, Colby Community College boasts an enrollment of nearly 1,500 students. The Property is conveniently situated near recreational amenities such as the Thomas County Fairgrounds, renowned for hosting events like the Pickin’ on the Plains Bluegrass Festival, the Prairie Museum of Art and History, Colby Aquatic Park, and the historical Cooper Barn, offering guests enticing entertainment options. Less than a mile away from the Hotel, the City Limits Convention Center, a versatile venue accommodating a range of events including meetings, conferences, and weddings, makes the Sleep Inn & Suites an attractive spot for out-of-town visitors who can enjoy the convenience of staying nearby. Additional key demand generators located within 5 miles from the Property include Colby Municipal Airport and Citizens Medical Center enhancing the overall guest experience by providing convenience, reassurance, and support for various travel needs.