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Hotel-Motel

Tru by Hilton Lawrence

510 Wakarusa Dr, Lawrence, KS 66049

Listing Price: Request For Offer

Number of Rooms
82
RevPAR
$29
Gross SF
91,476
Year Built
2018

Investment Overview

Property Details: The four-story Hilton-franchised Hotel consists of 82 guest rooms located on 2.1 acres in Lawrence Metropolitan Statistical Area, Kansas third largest MSA.

Newest Supply: Opened December 2018, the Tru by Hilton Lawrence (Hotel or Property) is the newest midscale Hotel in the submarket.

Prime Location: The Property is located off West 6th Street and Wakarusa Drive with over 38,440 combined cars per day. This ideal position allows easy access to a multitude of demand generators in the area.

Key Demand Generators: As the city of Lawrence continues to grow, new hospitality demand generators are being positioned nearby the Property. Lawrence Memorial Hospital is located 3.6 miles from the Hotel, while its newest counterpart, the Lawrence Memorial Hospital West Campus, is 1.7 miles. The recently renovated Lawrence Municipal Airport is 7.2 miles away, Massachusetts Street, which runs through the central business district of downtown Lawrence and houses a variety of shops, businesses, and entertainment sites, is 4.1 miles, and the University of Kansas Sports Complex - Rock Chalk Park (1.8 miles).

University Area: With a location less than four miles from The University of Kansas campus, the Hotel should expect to see exceptional demand as the University undergoes a transition back to campus. The University enrolls over 27,625 students and hosts a variety of sporting, academic, and performing art events each year.

Operational Upside: The Hotel recorded over $1.2 million in revenue in the first year of operations, foreshadowing an opportunity for a new investor to see increases in revenues as the Hotel ramps up to stabilized market penetration.

Expected RevPAR Growth: As the newest hospitality supply has been absorbed by the market, Hotel demand is expected to increase. Currently, the Topeka/Lawrence market RevPAR sits at $49.85 with forecasted growth of 46 percent, leading to an estimated $72.81 RevPAR. Furthermore, occupancy and daily rates are anticipated to grow at 18 percent and 24 percent, respectively.

Investment Highlights

  • 82-Room, Midscale Hotel that Opened in December 2018
  • Located 3.2 Miles from the University of Kansas
  • Achieved over $1.2M in Revenue for 2019

Exclusively Listed By

Broker of Record

  • Colby Haugness

    First Vice President Investments

    (816) 410-1010

    License(s) KS: 00241410

    Kansas

Hotel-Motel

Tru by Hilton Lawrence

Listing Price: Request For Offer

Number of Rooms
82
RevPAR
$29
Gross SF
91,476
Year Built
2018

Investment Highlights

  • 82-Room, Midscale Hotel that Opened in December 2018
  • Located 3.2 Miles from the University of Kansas
  • Achieved over $1.2M in Revenue for 2019

Investment Overview

Property Details: The four-story Hilton-franchised Hotel consists of 82 guest rooms located on 2.1 acres in Lawrence Metropolitan Statistical Area, Kansas third largest MSA.

Newest Supply: Opened December 2018, the Tru by Hilton Lawrence (Hotel or Property) is the newest midscale Hotel in the submarket.

Prime Location: The Property is located off West 6th Street and Wakarusa Drive with over 38,440 combined cars per day. This ideal position allows easy access to a multitude of demand generators in the area.

Key Demand Generators: As the city of Lawrence continues to grow, new hospitality demand generators are being positioned nearby the Property. Lawrence Memorial Hospital is located 3.6 miles from the Hotel, while its newest counterpart, the Lawrence Memorial Hospital West Campus, is 1.7 miles. The recently renovated Lawrence Municipal Airport is 7.2 miles away, Massachusetts Street, which runs through the central business district of downtown Lawrence and houses a variety of shops, businesses, and entertainment sites, is 4.1 miles, and the University of Kansas Sports Complex - Rock Chalk Park (1.8 miles).

University Area: With a location less than four miles from The University of Kansas campus, the Hotel should expect to see exceptional demand as the University undergoes a transition back to campus. The University enrolls over 27,625 students and hosts a variety of sporting, academic, and performing art events each year.

Operational Upside: The Hotel recorded over $1.2 million in revenue in the first year of operations, foreshadowing an opportunity for a new investor to see increases in revenues as the Hotel ramps up to stabilized market penetration.

Expected RevPAR Growth: As the newest hospitality supply has been absorbed by the market, Hotel demand is expected to increase. Currently, the Topeka/Lawrence market RevPAR sits at $49.85 with forecasted growth of 46 percent, leading to an estimated $72.81 RevPAR. Furthermore, occupancy and daily rates are anticipated to grow at 18 percent and 24 percent, respectively.

Exclusively Listed By

Broker of Record

  • Colby Haugness

    First Vice President Investments

    (816) 410-1010

    License(s): KS: 00241410

    Kansas

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