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Hotel-Motel

Holiday Inn Express and Suites Chanhassen

7855 Century Blvd, Chanhassen, MN 55317

Listing Price: $8,500,000

Cap Rate
2.19%
Number of Rooms
89
RevPAR
$48
Gross SF
47,220
Price/Room
$95,506
RRM
6.48
Price/Gross SF
$180.01
Year Built
2004

Investment Overview

Marcus & Millichap is proud to have been chosen as exclusive advisor and broker in regard to the marketing effort of the Holiday Inn Express and Suites Chanhassen located at 7855 Century Boulevard in Chanhassen Minnesota. This offering presents a rare opportunity to acquire an institutional level asset within the Minneapolis Metro Area that holds one of the most desirable Upper Midscale franchise flags. The property is priced at $8,500,000 which equates to $95,000 per room and 3.3x 2019 room revenue. The hotel was constructed in 2004 with three stories and 89 rooms. The property was refreshed in 2016 including extensive public area renovation. The property is located in Carver County and sits on 3.21 acres. The hotel is located in the desirable southwest Minneapolis suburb of Chanhassen. Chanhassen is a second ring suburb that is experiencing substantial residential and business growth. The hotel is currently owned and operated by a prominent regional ownership and management company. The property is unencumbered by any future management agreement; however, current ownership would stay on in a management capacity if a buyer should desire. The hotel has a limited fitness center but also allows guests to use a complimentary pass to the state-of-the-art LifeTime Fitness Club located only one block from the hotel. The hotel features two elevators, indoor heated pool with a waterslide, a whirlpool, business center, and a 600 sq ft meeting room which can accommodate up to 40 guests. The hotel is only 21 miles from MSP International Airport. It is supported by a healthy mix of both leisure and corporate demand. Chanhassen is home to or near multiple demand generators such as: Chanhassen Dinner Theatre, Paisley Park, Minnesota Landscape Arboretum, Lake Waconia, Lake Ann Park, Lake Minnetonka, Valleyfair Amusement Park, Mystic Lake Casino, Canterbury Race Track, The Mall Of America, and Hazeltine National Golf Club. Hazeltine is one of only two courses in the United States to have hosted the U.S. Open, PGA Championship, U.S. Senior Open, U.S. Women’s Open, U.S. Amateur, and Ryder Cup.

Investment Highlights

  • Limited Service | Minneapolis MSA Offering
  • 89 Room | 3 Stories | 2004 Built | 2016 Renovation
  • Priced @ 3.3x 2019 RRM| $95k Per Room | 7.07% Cap 2019
  • Rare Institutional Opportunity | Professionally Managed | Unencumbered By Management

Exclusively Listed By

  • Jake M. Erickson

    Senior Associate

    (952) 852-9721

    Email Jake

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

    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

  • Jared Plamann

    Associate

    (952) 852-9745

    Email Jared

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

    Minneapolis

  • Joseph Ferguson

    Associate

    (952) 852-9769

    Email Joseph

    License(s): MN: 40737246

    Minneapolis

Financing By

Hotel-Motel

Holiday Inn Express and Suites Chanhassen

Listing Price: $8,500,000

Cap Rate
2.19%
Number of Rooms
89
RevPAR
$48
Gross SF
47,220
Price/Room
$95,506
RRM
6.48
Price/Gross SF
$180.01
Year Built
2004

Investment Highlights

  • Limited Service | Minneapolis MSA Offering
  • 89 Room | 3 Stories | 2004 Built | 2016 Renovation
  • Priced @ 3.3x 2019 RRM| $95k Per Room | 7.07% Cap 2019
  • Rare Institutional Opportunity | Professionally Managed | Unencumbered By Management

Investment Overview

Marcus & Millichap is proud to have been chosen as exclusive advisor and broker in regard to the marketing effort of the Holiday Inn Express and Suites Chanhassen located at 7855 Century Boulevard in Chanhassen Minnesota. This offering presents a rare opportunity to acquire an institutional level asset within the Minneapolis Metro Area that holds one of the most desirable Upper Midscale franchise flags. The property is priced at $8,500,000 which equates to $95,000 per room and 3.3x 2019 room revenue. The hotel was constructed in 2004 with three stories and 89 rooms. The property was refreshed in 2016 including extensive public area renovation. The property is located in Carver County and sits on 3.21 acres. The hotel is located in the desirable southwest Minneapolis suburb of Chanhassen. Chanhassen is a second ring suburb that is experiencing substantial residential and business growth. The hotel is currently owned and operated by a prominent regional ownership and management company. The property is unencumbered by any future management agreement; however, current ownership would stay on in a management capacity if a buyer should desire. The hotel has a limited fitness center but also allows guests to use a complimentary pass to the state-of-the-art LifeTime Fitness Club located only one block from the hotel. The hotel features two elevators, indoor heated pool with a waterslide, a whirlpool, business center, and a 600 sq ft meeting room which can accommodate up to 40 guests. The hotel is only 21 miles from MSP International Airport. It is supported by a healthy mix of both leisure and corporate demand. Chanhassen is home to or near multiple demand generators such as: Chanhassen Dinner Theatre, Paisley Park, Minnesota Landscape Arboretum, Lake Waconia, Lake Ann Park, Lake Minnetonka, Valleyfair Amusement Park, Mystic Lake Casino, Canterbury Race Track, The Mall Of America, and Hazeltine National Golf Club. Hazeltine is one of only two courses in the United States to have hosted the U.S. Open, PGA Championship, U.S. Senior Open, U.S. Women’s Open, U.S. Amateur, and Ryder Cup.

Exclusively Listed By

  • Jake M. Erickson

    Senior Associate

    (952) 852-9721

    Email Jake

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

    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

  • Jared Plamann

    Associate

    (952) 852-9745

    Email Jared

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

    Minneapolis

  • Joseph Ferguson

    Associate

    (952) 852-9769

    Email Joseph

    License(s): MN: 40737246

    Minneapolis

Financing By

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