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Hotel-Motel

The Kansas City Village West Portfolio

1400 Village West Parkway, Kansas City, KS 66111

Listing Price: Request For Offer

Number of Rooms
76
RevPAR
$44
Year Built
2003

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 Hampton Inn Kansas City Village West and the Holiday Inn Express Kansas City at the Legends (‘Hotels’ or ‘Portfolio’). The Portfolio is offered on a call for offers basis – contact agent for pricing guidelines. The Hotels are located within the Kansas City Metropolitan Statistical Area (MSA), the largest MSA in Kansas. As of the 2010 Census, the Kansas City MSA has an estimated population of over 2.3 million, which has led to a strong hospitality market for tourism, conventions, and business travel. Millions of conventioneers visit Kansas Cities Bartle Hall (15.1 miles away), which hosts a variety of events each year. Kansas City is home to several fortune 500 companies that bring increased corporate demand to the area; companies such as Sprint Nextel, Seaboard, and YRC Worldwide are all located within city limits. Kansas Speedway, a 1.5-mile tri-oval racetrack host two annual NASCAR race weekends that generate more than $234 million annually. With a seating capacity of 83,600, the racetrack provides over 4,000 jobs coming directly from track operations. In February 2012, the Kansas Speedway expanded operations and built a $380 million casino at the track, estimated to attract 440,000 tourists per year. Additionally, the Bannister Federal Complex is currently being developed into a 2.6 million square foot industrial space and the American Royal Association, the host of the World Series of Barbecue, plans to build a state-of the-art agriculture showcase that will occupy about 112 acres northwest of the Kansas Speedway. The Hotels are positioned in Village West business and entertainment district, the states number one tourist attraction, off I-70 and I-435, which record over 110,900 cars per day combined: allowing for easy access to the local demand generators such as the Kansas Speedway, Hollywood Casino, Children’s Mercy Park Sports Center, the Legends Outlets, and Downtown Kansas. The Hampton Inn consists of 76 rooms, and the Hotel has consistently outperformed the STR-defined competitive set, posting a RevPAR penetration index averaging over 108 percent for the last three years. Additionally, the Hampton Inn recorded room revenues of around $2.265 million in 2019. The Holiday Inn Express consists of 96 rooms, each room achieving approximately $28,600 in revenues, totaling just over $2.7 million in 2019. The Holiday Inn Express has steadily performed in line with its STR-defined market competitive set and posted an average RevPAR penetration index of 102 percent. Combined, the Hotels generated over $5 million in total revenue during 2019. Current expenses include provisions for a 4 percent capital replacement reserve and a 3 percent management fee. The Hotels are offered fee simple, unencumbered by a management contract or debt.

Investment Highlights

  • Hampton Inn – 3 Stories, 76 Rooms, Built in 2003 | Holiday Inn Express – 3 Stories, 96 Rooms, Built in 2005
  • Excellent Location off I-70 and I-435 near Kansas City's Best Entertainment Venues
  • Located within the Kansas City MSA – Population of more than 2.3 Million as of the 2010 Census
  • Expected to Trade Below Replacement Cost
  • Outperforming STR-Defined Competitive Set
  • Offered Fee Simple, Unencumbered by a Management Contract or Debt

Exclusively Listed By

Broker of Record

  • Colby Haugness

    First Vice President Investments

    (816) 410-1010

    License(s) KS: 00241410

    Kansas

Hotel-Motel

The Kansas City Village West Portfolio

Listing Price: Request For Offer

Number of Rooms
76
RevPAR
$44
Year Built
2003

Investment Highlights

  • Hampton Inn – 3 Stories, 76 Rooms, Built in 2003 | Holiday Inn Express – 3 Stories, 96 Rooms, Built in 2005
  • Excellent Location off I-70 and I-435 near Kansas City's Best Entertainment Venues
  • Located within the Kansas City MSA – Population of more than 2.3 Million as of the 2010 Census
  • Expected to Trade Below Replacement Cost
  • Outperforming STR-Defined 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 Hampton Inn Kansas City Village West and the Holiday Inn Express Kansas City at the Legends (‘Hotels’ or ‘Portfolio’). The Portfolio is offered on a call for offers basis – contact agent for pricing guidelines. The Hotels are located within the Kansas City Metropolitan Statistical Area (MSA), the largest MSA in Kansas. As of the 2010 Census, the Kansas City MSA has an estimated population of over 2.3 million, which has led to a strong hospitality market for tourism, conventions, and business travel. Millions of conventioneers visit Kansas Cities Bartle Hall (15.1 miles away), which hosts a variety of events each year. Kansas City is home to several fortune 500 companies that bring increased corporate demand to the area; companies such as Sprint Nextel, Seaboard, and YRC Worldwide are all located within city limits. Kansas Speedway, a 1.5-mile tri-oval racetrack host two annual NASCAR race weekends that generate more than $234 million annually. With a seating capacity of 83,600, the racetrack provides over 4,000 jobs coming directly from track operations. In February 2012, the Kansas Speedway expanded operations and built a $380 million casino at the track, estimated to attract 440,000 tourists per year. Additionally, the Bannister Federal Complex is currently being developed into a 2.6 million square foot industrial space and the American Royal Association, the host of the World Series of Barbecue, plans to build a state-of the-art agriculture showcase that will occupy about 112 acres northwest of the Kansas Speedway. The Hotels are positioned in Village West business and entertainment district, the states number one tourist attraction, off I-70 and I-435, which record over 110,900 cars per day combined: allowing for easy access to the local demand generators such as the Kansas Speedway, Hollywood Casino, Children’s Mercy Park Sports Center, the Legends Outlets, and Downtown Kansas. The Hampton Inn consists of 76 rooms, and the Hotel has consistently outperformed the STR-defined competitive set, posting a RevPAR penetration index averaging over 108 percent for the last three years. Additionally, the Hampton Inn recorded room revenues of around $2.265 million in 2019. The Holiday Inn Express consists of 96 rooms, each room achieving approximately $28,600 in revenues, totaling just over $2.7 million in 2019. The Holiday Inn Express has steadily performed in line with its STR-defined market competitive set and posted an average RevPAR penetration index of 102 percent. Combined, the Hotels generated over $5 million in total revenue during 2019. Current expenses include provisions for a 4 percent capital replacement reserve and a 3 percent management fee. The Hotels are offered fee simple, unencumbered by a management contract or debt.

Exclusively Listed By

Broker of Record

  • Colby Haugness

    First Vice President Investments

    (816) 410-1010

    License(s): KS: 00241410

    Kansas

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