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Hotel-Motel

Comfort Suites Benton Harbor

1825 Meadowbrook Rd Interstate 94, Benton Harbor, MI 49022

Listing Price: $3,895,000

Cap Rate
2.97%
Number of Rooms
62
RevPAR
$43
Price/Room
$62,823
RRM
4.04
Year Built
2002

Investment Overview

As the exclusive representative of the seller, Marcus & Millichap's National Hospitality Division is pleased to present for sale to qualified investors the Comfort Suites Benton Harbor – St. Joseph (‘Hotel’ or ‘Property’). The Choice International-branded Hotel is offered at $3,895,000 or $62,823 per key. This three-story, 62-room Hotel sits on 3.65 acres off Interstate 94, which records over 54,000 cars per day. This superb location allows the Hotel to capitalize on its proximity to a variety of demand generators. Both Siena Heights University – Benton Harbor (2.3 miles) and Andrews University (10.5 miles) enroll over 1,500 students and offer a variety of scholastic events each year. Additionally, the Property is near Lake Michigan Beach (13.1 miles), Lakeland Hospital (4.1 miles), Mendel Center (2.7 miles), Lake Michigan Hills Golf Club (8.1 miles) and Blossom Trails Golf Club (2.9 miles). Benton Harbor was named a top 10 summer town by USA Today. It contains over 40 wineries, breweries and distilleries, and is also home to seven public beaches right off Lake Michigan. Furthermore, Downtown Benton Harbor has experienced significant investment and growth, while also having a vibrant main street and a popular art districts. The city also provides many tourist attractions including 12 Corners Vineyard, Rocky Gap County Park, and Higbee’s Farm. Operationally, the Hotel has produced room revenues over $964,000 and a RevPAR of $42.60. In addition, the Hotel penetrated the STR-defined market competitive set at a 17 percent premium for RevPAR, while recording 115 percent occupancy penetration and 102 percent ADR penetration. A further look at departmental expenses shows current inefficiencies in expense management that a new investor can eliminate and improve overall value of the Property. Current expenses include provisions for a four percent capital replacement reserve. The Hotel is offered fee simple, unencumbered by a management contract or debt.

Investment Highlights

  • Three-Story, 62-Room, Upper Midscale Hotel Built in 2002
  • Priced Below Replacement Cost at $62,823 Per Key
  • Ideal Location off One of Benton Harbor's Busiest Highways
  • Less than 100 Miles from Downtown Chicago, IL and Downtown Grand Rapids, MI
  • Absentee Owner
  • Operating above the STR-Defined Market Competitive Set
  • Offered Fee Simple. Unencumbered by a Management Contract or Debt

Exclusively Listed By

Broker of Record

  • Steven Chaben

    Senior Vice President / Regional Manager

    (248) 415-2600

    License(s) MI: 6502387903

    Michigan

Listing Price: $3,895,000

Cap Rate
2.97%
Number of Rooms
62
RevPAR
$43
Price/Room
$62,823
RRM
4.04
Year Built
2002

Investment Highlights

  • Three-Story, 62-Room, Upper Midscale Hotel Built in 2002
  • Priced Below Replacement Cost at $62,823 Per Key
  • Ideal Location off One of Benton Harbor's Busiest Highways
  • Less than 100 Miles from Downtown Chicago, IL and Downtown Grand Rapids, MI
  • Absentee Owner
  • Operating above the STR-Defined Market Competitive Set
  • Offered Fee Simple. Unencumbered by a Management Contract or Debt

Investment Overview

As the exclusive representative of the seller, Marcus & Millichap's National Hospitality Division is pleased to present for sale to qualified investors the Comfort Suites Benton Harbor – St. Joseph (‘Hotel’ or ‘Property’). The Choice International-branded Hotel is offered at $3,895,000 or $62,823 per key. This three-story, 62-room Hotel sits on 3.65 acres off Interstate 94, which records over 54,000 cars per day. This superb location allows the Hotel to capitalize on its proximity to a variety of demand generators. Both Siena Heights University – Benton Harbor (2.3 miles) and Andrews University (10.5 miles) enroll over 1,500 students and offer a variety of scholastic events each year. Additionally, the Property is near Lake Michigan Beach (13.1 miles), Lakeland Hospital (4.1 miles), Mendel Center (2.7 miles), Lake Michigan Hills Golf Club (8.1 miles) and Blossom Trails Golf Club (2.9 miles). Benton Harbor was named a top 10 summer town by USA Today. It contains over 40 wineries, breweries and distilleries, and is also home to seven public beaches right off Lake Michigan. Furthermore, Downtown Benton Harbor has experienced significant investment and growth, while also having a vibrant main street and a popular art districts. The city also provides many tourist attractions including 12 Corners Vineyard, Rocky Gap County Park, and Higbee’s Farm. Operationally, the Hotel has produced room revenues over $964,000 and a RevPAR of $42.60. In addition, the Hotel penetrated the STR-defined market competitive set at a 17 percent premium for RevPAR, while recording 115 percent occupancy penetration and 102 percent ADR penetration. A further look at departmental expenses shows current inefficiencies in expense management that a new investor can eliminate and improve overall value of the Property. Current expenses include provisions for a four percent capital replacement reserve. The Hotel is offered fee simple, unencumbered by a management contract or debt.

Exclusively Listed By

Broker of Record

  • Steven Chaben

    Senior Vice President / Regional Manager

    (248) 415-2600

    License(s): MI: 6502387903

    Michigan

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