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Hotel-Motel

Courtyard by Marriott Santa Fe

3347 Cerrillos Rd, Santa Fe, NM 87507

Listing Price: $20,500,000

Number of Rooms
209
RevPAR
$26
Price/Room
$98,086
Year Built
1985

Investment Overview

As the exclusive representative of the seller, Marcus & Millichap's National Hospitality Division is pleased to present for sale to quali?ed investors the Courtyard by Marriott (‘Hotel’ or ‘Property’) in Santa Fe, New Mexico. The select-service Hotel is offered at $20,500,000 or $98,086 per key. Santa Fe is located 64 miles northeast of Albuquerque and is the capital of New Mexico. The Property is located off Highway 12, offering excellent visibility to over 51,000 vehicles per day. The Hotel’s strategic location allows the Property to take advantage of key demand generators such as the Santa Fe Regional Airport (5.4 miles) and the Albuquerque International Sunport (59.8 miles). Additionally, the Property is near several tourist attractions such as Loretto Chapel (4.7 miles), Georgia O’Keeffe Museum (4.7 miles), Canyon Road Gallery District (5.1 miles), and the Santa Fe Plaza (4.7 miles). These local demand generators help establish Hotel room demand for the Property year around. The art-inspired city’s high entry barrier for hospitality assets has prevented additional market supply in recent years. Santa Fe’s hospitality demand has steadily increased year-over-year and is expected to continue the upward trend, essentially increasing consumers in a market with a capped supply. This offering presents a new investor the opportunity to acquire a premium Marriott-branded select-service asset with an excellent location within the city of Santa Fe. The Property’s access to Marriott’s loyalty program and strong distribution system gives it a major competitive edge in the market. In 2019, the Hotel achieved total revenues upwards of $5 million and a net operating income of about $1.9 million or 25.7 percent of total revenues. This Hotel presents a major upside opportunity as it underperforms the competitive set. The Hotel’s superior brand and location will allow new management to easily reposition the asset higher amongst its competitors. Furthermore, the Santa Fe market RevPAR is trending upwards, doubling in the month of June 2021. Current expenses include provisions for a 4 percent capital replacement reserve and 3 percent management fee. The Hotel is offered fee simple, unencumbered by a management contract or debt.

Investment Highlights

  • Marriott Branded Asset Comprised of Three-Stories and 209-Rooms
  • Excellent Position off Highway 14, Near a Variety of Demand Generators
  • Located Less than Six Miles from Santa Fe Regional Airport
  • Offers Significant Upside to Increase Market Penetration
  • Fee Simple, Unencumbered by Management Contract or Debt
  • Multiple Renovations / CapEx Completed in 2020
  • Substantial Renovations to Rooms and Corridors

Exclusively Listed By

Broker of Record

  • Matt Reeves

    Senior Associate

    (505) 445-6333

    License(s) NM: 19583

    New Mexico

Financing By

Hotel-Motel

Courtyard by Marriott Santa Fe

Listing Price: $20,500,000

Number of Rooms
209
RevPAR
$26
Price/Room
$98,086
Year Built
1985

Investment Highlights

  • Marriott Branded Asset Comprised of Three-Stories and 209-Rooms
  • Excellent Position off Highway 14, Near a Variety of Demand Generators
  • Located Less than Six Miles from Santa Fe Regional Airport
  • Offers Significant Upside to Increase Market Penetration
  • Fee Simple, Unencumbered by Management Contract or Debt
  • Multiple Renovations / CapEx Completed in 2020
  • Substantial Renovations to Rooms and Corridors

Investment Overview

As the exclusive representative of the seller, Marcus & Millichap's National Hospitality Division is pleased to present for sale to quali?ed investors the Courtyard by Marriott (‘Hotel’ or ‘Property’) in Santa Fe, New Mexico. The select-service Hotel is offered at $20,500,000 or $98,086 per key. Santa Fe is located 64 miles northeast of Albuquerque and is the capital of New Mexico. The Property is located off Highway 12, offering excellent visibility to over 51,000 vehicles per day. The Hotel’s strategic location allows the Property to take advantage of key demand generators such as the Santa Fe Regional Airport (5.4 miles) and the Albuquerque International Sunport (59.8 miles). Additionally, the Property is near several tourist attractions such as Loretto Chapel (4.7 miles), Georgia O’Keeffe Museum (4.7 miles), Canyon Road Gallery District (5.1 miles), and the Santa Fe Plaza (4.7 miles). These local demand generators help establish Hotel room demand for the Property year around. The art-inspired city’s high entry barrier for hospitality assets has prevented additional market supply in recent years. Santa Fe’s hospitality demand has steadily increased year-over-year and is expected to continue the upward trend, essentially increasing consumers in a market with a capped supply. This offering presents a new investor the opportunity to acquire a premium Marriott-branded select-service asset with an excellent location within the city of Santa Fe. The Property’s access to Marriott’s loyalty program and strong distribution system gives it a major competitive edge in the market. In 2019, the Hotel achieved total revenues upwards of $5 million and a net operating income of about $1.9 million or 25.7 percent of total revenues. This Hotel presents a major upside opportunity as it underperforms the competitive set. The Hotel’s superior brand and location will allow new management to easily reposition the asset higher amongst its competitors. Furthermore, the Santa Fe market RevPAR is trending upwards, doubling in the month of June 2021. Current expenses include provisions for a 4 percent capital replacement reserve and 3 percent management fee. The Hotel is offered fee simple, unencumbered by a management contract or debt.

Exclusively Listed By

Broker of Record

  • Matt Reeves

    Senior Associate

    (505) 445-6333

    License(s): NM: 19583

    New Mexico

Financing By

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