Investment Overview

As the exclusive representative of the seller, Marcus & Millichap's Hospitality Division is pleased to present for sale to qualified investors the Newly Independent Hotel (Former Best Western) (‘Hotel’ or ‘Property’) located in Fort Dodge, Iowa. The Independent Hotel is offered at $3,900,000 or $38,235 per key. The Newly Independent Hotel (Former Best Western) is a 102-room, two -story Hotel located at 1518 3rd Avenue NW, Fort Dodge, Iowa. The Property is highly visible and easily accessible off Highway 169 near the intersection of Highway 7. Various common area amenities at the Property include an on-site restaurant, cocktail lounge, heated indoor pool, business center, fitness center, on-site guest laundry facility with dry cleaning available, and meeting/banquet/conference rooms with A/V equipment. The hotel also includes 3-Owner Suites with a studio, 1-befroom, and a 2-bedroom. Fort Dodge, Iowa, serves as a key economic center in Webster County and plays a vital role in the region's economic activities. Located 90 miles from the capital of Iowa, Des Moines, the city's economy is diverse, with strong foundations in manufacturing, agriculture, healthcare, and education. Manufacturing is a significant contributor to this midsize city anchored by prominent entities located within proximity of the Newly Independent Hotel (Former Best Western) such as the National Gypsum Company (4.8 miles), Decker Truck Line Inc., with approximately 300 employees (4.5 miles), and Stark Bank Group, with over 200 employees (3.3 miles). Additionally, Fort Dodge is home to esteemed educational institutions like Buena Vista University Fort Dodge, with enrollment of over 1,500 (2.6 miles) and Iowa Central Community College with enrollment of over 5,000 (2.5 miles). Healthcare amenities are also well-represented with UnityPoint Health – Trinity Regional Medical Center (3.9 miles), with 44 beds, serving the community's medical needs. The city's allure extends beyond business, highlighted by its recognition as the Midwest Travel Network's Destination of the Year 2023. The property is situated near key demand generators including Fort Dodge's vibrant Main Street District (2.4 miles), adorned with boutiques, local eateries, and the Blanden Memorial Art Museum (3.1 miles). Moreover, the city's rich cultural tapestry includes attractions such as the Fort Museum and Frontier Village (3.4 miles) and the Community Orchard (4.3 miles), and cultural events such as the Summer Music Concert at Shellabration and gatherings at the Oleson Park Music Pavilion (5 miles) ensuring diverse leisure options for guests exploring the area. Outdoor enthusiasts are drawn to locations near the property including the scenic Des Moines River Water Trail, a 46-mile float through Webster County and Fort Dodge, Lizard Creek Water Trail (1 mile), and Kennedy Park (7.8 miles), a 400-acre natural area with hiking trails, and the recreational opportunities at Gypsum City OHV Park (7.4 miles). For golf enthusiasts, the city offers several esteemed courses including the Lakeside Municipal Golf Course (7.7 miles) and the Fort Dodge Country Club (2.2 miles), catering to both leisure and corporate retreats.