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Hotel-Motel

Quality Inn & Rodeway Inn Portfolio

1617 W Spruce St, Rawlins, WY 82301

Listing Price: Request For Offer

Number of Rooms
94
Gross SF
26,024
Year Built
1966

Investment Overview

Marcus & Millichap is pleased to present this 94 room portfolio in Rawlins, WY. Hotels are in an Opportunity Zone with Tax Advantages, and close to Interstate I-80. Quality Inn has 58 rooms and Rodeway Inn has 36 rooms. Together, the total room count is 94 rooms. The hotels are close to each other and one owner can operate both hotels, like the current owner. Both hotels have received recent renovations, and the change-of-ownership PIP is expected to be low. Rodeway has a suite where the owner-operator can live. Rawlins is located about halfway between Salt Lake City (capital of Utah) and Cheyenne (capital of Wyoming). Denver, CO is only about a 3-hour drive away. Occupancy was almost 83% for month of May 2021. Comp set hotels also had a strong May and June continues to perform much better than last year. Both hotels are trailing the comp set’s Trailing 12 months RevPAR. Potential upside for a Buyer. A new owner has the potential to implement a different approach to marketing, revenue management, and to control expenses better. NOI margins are low based on STR HOST report for Mountain Region presenting a Buyer the opportunity to achieve a higher Net Operating Income (NOI). Would be great for an owner-operator.

Investment Highlights

  • • Sold As a Portfolio of 94 Rooms in Total. One Owner Can Operate Both Nearby Hotels, like Current Owner.
  • • Both Hotels Have Been Renovated, and the Change-Of-Ownership PIP is Expected To Be Reasonable.
  • • Combined Occupancy Was Almost 83% For Month Of May 2021. Comp Set Hotels Also Had a Strong May and June.
  • • Both Hotels Are Trailing the Comp Set's Running 12 Months RevPAR. Potential Upside For a Buyer.
  • • Well Below Replacement Cost, On a Price/Room Basis. Low Price/Key Considering Recent Renovations.
  • • Rodeway Inn Has a Suite For an Owner-Operator To Live In.
  • Quality Inn Has a 8,906 SF 'Vacant' Restaurant On-Site. Has Additional Income Potential, if Renovated and Leased.
  • Halfway Between Salt Lake City (Capital of UT) and Cheyenne (Capital of WY). Only About a 3-hour Drive From Denver, CO.

Exclusively Listed By

Broker of Record

  • Neville Rustomjee

    First Vice President Investments

    (303) 328-2035

    License(s) WY: RE-13688

    Wyoming

Hotel-Motel

Quality Inn & Rodeway Inn Portfolio

Listing Price: Request For Offer

Number of Rooms
94
Gross SF
26,024
Year Built
1966

Investment Highlights

  • • Sold As a Portfolio of 94 Rooms in Total. One Owner Can Operate Both Nearby Hotels, like Current Owner.
  • • Both Hotels Have Been Renovated, and the Change-Of-Ownership PIP is Expected To Be Reasonable.
  • • Combined Occupancy Was Almost 83% For Month Of May 2021. Comp Set Hotels Also Had a Strong May and June.
  • • Both Hotels Are Trailing the Comp Set's Running 12 Months RevPAR. Potential Upside For a Buyer.
  • • Well Below Replacement Cost, On a Price/Room Basis. Low Price/Key Considering Recent Renovations.
  • • Rodeway Inn Has a Suite For an Owner-Operator To Live In.
  • Quality Inn Has a 8,906 SF 'Vacant' Restaurant On-Site. Has Additional Income Potential, if Renovated and Leased.
  • Halfway Between Salt Lake City (Capital of UT) and Cheyenne (Capital of WY). Only About a 3-hour Drive From Denver, CO.

Investment Overview

Marcus & Millichap is pleased to present this 94 room portfolio in Rawlins, WY. Hotels are in an Opportunity Zone with Tax Advantages, and close to Interstate I-80. Quality Inn has 58 rooms and Rodeway Inn has 36 rooms. Together, the total room count is 94 rooms. The hotels are close to each other and one owner can operate both hotels, like the current owner. Both hotels have received recent renovations, and the change-of-ownership PIP is expected to be low. Rodeway has a suite where the owner-operator can live. Rawlins is located about halfway between Salt Lake City (capital of Utah) and Cheyenne (capital of Wyoming). Denver, CO is only about a 3-hour drive away. Occupancy was almost 83% for month of May 2021. Comp set hotels also had a strong May and June continues to perform much better than last year. Both hotels are trailing the comp set’s Trailing 12 months RevPAR. Potential upside for a Buyer. A new owner has the potential to implement a different approach to marketing, revenue management, and to control expenses better. NOI margins are low based on STR HOST report for Mountain Region presenting a Buyer the opportunity to achieve a higher Net Operating Income (NOI). Would be great for an owner-operator.

Exclusively Listed By

Broker of Record

  • Neville Rustomjee

    First Vice President Investments

    (303) 328-2035

    License(s): WY: RE-13688

    Wyoming

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