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Hotel-Motel

Magnuson Hotel Fort Wayne North

522 East Coliseum Boulevard, Fort Wayne, IN 46805

Listing Price: $1,825,000

Cap Rate
8.35%
Number of Rooms
38
RevPAR
$23
Price/Room
$48,026
RRM
5.82
Year Built
1988

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 Magnuson Hotel Fort Wayne North (‘Hotel’ or ‘Property’). The Magnuson-branded Hotel is offered at $1,825,000 or $48,026 per key. Fort Wayne is situated in the northeast region of Indiana, 18 miles from the Ohio border and 50 miles from the Michigan border. The Hotel sits on 0.78 acres just off Coliseum Boulevard, which records over 39,250 vehicles per day. This sought-after location allows the Property to take advantage of many key industries of the city. The Property is located near Indiana University Fort Wayne (1.3 miles), Purdue University Fort Wayne (1.2 miles), Fort Wayne International Airport (11.5 miles), and the Fort Wayne Children’s Zoo (2.4 miles). Fort Wayne’s most popular concert and event center, Allan County War Memorial Coliseum, is located less than a mile from the Hotel. This offering presents a new investor the chance to acquire an opportunistic asset with an excellent location. Though struggling in year-to-date competitive set RevPAR, the Hotel’s 67.6 percent RevPAR index offers further opportunity for rate escalation from a new owner; additionally, efficient operations suggest an increase in RevPAR would enhance overall profitability of the asset. Current expenses include provisions for a 4 percent capital replacement reserve. The Hotel is offered fee simple, unencumbered by a management contract or debt.

Investment Highlights

  • Three-Story, 38-Room, Midscale Hotel
  • Priced Below Replacement Costs at $48,026 Per Key
  • Excellent Location Close to Allan County War Memorial Coliseum
  • Offers Significant Upside to Increase Market Penetration
  • Fee Simple - Unencumbered by Management Contract or Debt

Exclusively Listed By

Broker of Record

  • Josh Caruana

    First Vice President/District Manager

    (317) 218-5300

    License(s) IN: RB14034355

    Indiana

Listing Price: $1,825,000

Cap Rate
8.35%
Number of Rooms
38
RevPAR
$23
Price/Room
$48,026
RRM
5.82
Year Built
1988

Investment Highlights

  • Three-Story, 38-Room, Midscale Hotel
  • Priced Below Replacement Costs at $48,026 Per Key
  • Excellent Location Close to Allan County War Memorial Coliseum
  • Offers Significant Upside to Increase Market Penetration
  • Fee Simple - Unencumbered by 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 Magnuson Hotel Fort Wayne North (‘Hotel’ or ‘Property’). The Magnuson-branded Hotel is offered at $1,825,000 or $48,026 per key. Fort Wayne is situated in the northeast region of Indiana, 18 miles from the Ohio border and 50 miles from the Michigan border. The Hotel sits on 0.78 acres just off Coliseum Boulevard, which records over 39,250 vehicles per day. This sought-after location allows the Property to take advantage of many key industries of the city. The Property is located near Indiana University Fort Wayne (1.3 miles), Purdue University Fort Wayne (1.2 miles), Fort Wayne International Airport (11.5 miles), and the Fort Wayne Children’s Zoo (2.4 miles). Fort Wayne’s most popular concert and event center, Allan County War Memorial Coliseum, is located less than a mile from the Hotel. This offering presents a new investor the chance to acquire an opportunistic asset with an excellent location. Though struggling in year-to-date competitive set RevPAR, the Hotel’s 67.6 percent RevPAR index offers further opportunity for rate escalation from a new owner; additionally, efficient operations suggest an increase in RevPAR would enhance overall profitability of the asset. Current expenses include provisions for a 4 percent capital replacement reserve. The Hotel is offered fee simple, unencumbered by a management contract or debt.

Exclusively Listed By

Broker of Record

  • Josh Caruana

    First Vice President/District Manager

    (317) 218-5300

    License(s): IN: RB14034355

    Indiana

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