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Hotel-Motel

2016 Build CobbleStone Hotel & Suites

1801 US-2, Devils Lake, ND 58301

Listing Price: $4,850,000

Cap Rate
9.22%
Number of Rooms
65
RevPAR
$55
Price/Room
$74,615
RRM
3.54
Year Built
2016

Investment Overview

Marcus & Millichap is delighted to offer an exclusive investment opportunity in Devils Lake, North Dakota, with the listing of a 65-room midscale hotel. Built in 2016 and meticulously maintained, this property features modern accommodations including a popular hotel bar, enhancing both the guest experience and potential revenue streams. Owned and operated by the original developer, the hotel showcases a solid construction and thoughtful layout, designed to cater to both business and leisure travelers. Its strategic location near key recreational and event hubs in Devils Lake makes it an attractive stay for visitors year-round.

The hotel boasts a strong operational record with room revenues exceeding $1.3 million for the trailing twelve months ending in March. Over the past three years, the Comp Set has experienced a 25 percent growth in RevPar. With healthy Occ and ADR growth, there is ample upside opportunity for a more hands on owner to maximize the already attractive profit margin. This is further complemented by the property's ability to attract significant traffic due to local events such as the Devils Run car show, the largest of its kind in North Dakota, and increased local sports events due to recent changes in the ND high school system[1]. These factors combine to ensure robust weeknight and weekend bookings, enhancing the hotel’s occupancy and overall financial health.

Devils Lake's market is extraordinarily conducive to hospitality investments, thanks to it being the largest fishing destination in the state and a hub for a variety of outdoor activities including hunting and lake sports. The recent expansion in local high school sports, due to changes in the ND high school system, is expected to continuously drive visitor flow to the area. With its wealth of natural resources and lively local events, Devils Lake remains a top destination for both transient and long-term visitors. This hotel represents a sterling opportunity for investors keen on capitalizing in a flourishing market.

1. https://www.valleynewslive.com/2023/02/08/three-class-system-approved-high-school-basketball-north-dakota/

Investment Highlights

  • Built in 2016 and Professionally Maintained, Featuring Modern Accommodations Including a Popular Hotel Bar
  • Meticulously Maintained and Ideally Situated as the Premier Destination for Travelers Arriving from Grand Forks
  • Devils Lake is the Largest Fishing Attraction in North Dakota, and its Extensive Outdoor Recreation Options Drive Consistent Demand for Accommodations Year Round

Exclusively Listed By

  • Joseph Ferguson

    Associate

    (952) 852-9769

    Email Joseph

    License(s): MN: 40737246

    Minneapolis

  • Jon Ruzicka

    First Vice President Investments

    (952) 852-9767

    Email Jon

    License(s): MN: 40583288, IA: B63379000, ND: 10032, WI: 76173-94, SD: 17724, NE: 20200223

    Minneapolis

  • Jake M. Erickson

    Senior Associate

    (952) 852-9721

    Email Jake

    License(s): MN: 40486025, IA: S66396000, WI: 89877-94

    Minneapolis

  • Jared Plamann

    Senior Associate

    (952) 852-9745

    Email Jared

    License(s): MN: 40605209, WI: 89876-94

    Minneapolis

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    (952) 852-9700

    License(s) ND: 10032

    North Dakota

Financing By

Hotel-Motel

2016 Build CobbleStone Hotel & Suites

Listing Price: $4,850,000

Cap Rate
9.22%
Number of Rooms
65
RevPAR
$55
Price/Room
$74,615
RRM
3.54
Year Built
2016

Investment Highlights

  • Built in 2016 and Professionally Maintained, Featuring Modern Accommodations Including a Popular Hotel Bar
  • Meticulously Maintained and Ideally Situated as the Premier Destination for Travelers Arriving from Grand Forks
  • Devils Lake is the Largest Fishing Attraction in North Dakota, and its Extensive Outdoor Recreation Options Drive Consistent Demand for Accommodations Year Round

Investment Overview

Marcus & Millichap is delighted to offer an exclusive investment opportunity in Devils Lake, North Dakota, with the listing of a 65-room midscale hotel. Built in 2016 and meticulously maintained, this property features modern accommodations including a popular hotel bar, enhancing both the guest experience and potential revenue streams. Owned and operated by the original developer, the hotel showcases a solid construction and thoughtful layout, designed to cater to both business and leisure travelers. Its strategic location near key recreational and event hubs in Devils Lake makes it an attractive stay for visitors year-round. The hotel boasts a strong operational record with room revenues exceeding $1.3 million for the trailing twelve months ending in March. Over the past three years, the Comp Set has experienced a 25 percent growth in RevPar. With healthy Occ and ADR growth, there is ample upside opportunity for a more hands on owner to maximize the already attractive profit margin. This is further complemented by the property's ability to attract significant traffic due to local events such as the Devils Run car show, the largest of its kind in North Dakota, and increased local sports events due to recent changes in the ND high school system[1]. These factors combine to ensure robust weeknight and weekend bookings, enhancing the hotel’s occupancy and overall financial health. Devils Lake's market is extraordinarily conducive to hospitality investments, thanks to it being the largest fishing destination in the state and a hub for a variety of outdoor activities including hunting and lake sports. The recent expansion in local high school sports, due to changes in the ND high school system, is expected to continuously drive visitor flow to the area. With its wealth of natural resources and lively local events, Devils Lake remains a top destination for both transient and long-term visitors. This hotel represents a sterling opportunity for investors keen on capitalizing in a flourishing market. 1. https://www.valleynewslive.com/2023/02/08/three-class-system-approved-high-school-basketball-north-dakota/

Exclusively Listed By

  • Joseph Ferguson

    Associate

    (952) 852-9769

    Email Joseph

    License(s): MN: 40737246

    Minneapolis

  • Jon Ruzicka

    First Vice President Investments

    (952) 852-9767

    Email Jon

    License(s): MN: 40583288, IA: B63379000, ND: 10032, WI: 76173-94, SD: 17724, NE: 20200223

    Minneapolis

  • Jake M. Erickson

    Senior Associate

    (952) 852-9721

    Email Jake

    License(s): MN: 40486025, IA: S66396000, WI: 89877-94

    Minneapolis

  • Jared Plamann

    Senior Associate

    (952) 852-9745

    Email Jared

    License(s): MN: 40605209, WI: 89876-94

    Minneapolis

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    (952) 852-9700

    License(s): ND: 10032

    North Dakota

Financing By

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