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Hotel-Motel

Wingate Savannah Airport

50 Sylvester C. Formey Dr, Savannah, GA 31408

Listing Price: Request For Offer

Number of Rooms
81
RevPAR
$76
Gross SF
53,864
Year Built
2003

Investment Overview

Marcus & Millichap is pleased to offer for sale a leasehold interest in the 81-unit, Wingate by Wyndham Savannah Airport. This well-appointed Wingate was renovated in 2018 and is situated on approximately 1.92 acres. The guest rooms include complimentary Wi-Fi, flat-screen TVs and desks, minifridges, microwaves and coffeemakers. Complimentary amenities include hot breakfast with an airport shuttle and parking. Other amenities include a fitness center, an outdoor pool with a hot tub, meeting space and a 24/7 business center. The Wingate has fared well during the COVID-19 pandemic and is currently operating with an occupancy rate of 73.5%, and ADR of $93.50 and a RevPAR of $53.69 per the June 2021 STR report. During the same period, the competitive set for this hotel achieved 66.2% occupancy with a $97.13 ADR, generating a $64.35 RevPAR. Current ownership has recently completed a renovation and with a marginal Property Improvement Plan (PIP) expected for a new operator. The land lease is calculated annually at approximately 5% of gross revenues. Savannah, a coastal Georgia city, is separated from South Carolina by the Savannah River. It’s known for manicured parks, horse-drawn carriages and antebellum architecture. Its historic district is filled with cobblestoned squares and parks such as Forsyth Park shaded by oak trees covered with Spanish moss. At the center of this picturesque district is the landmark, Gothic-Revival Cathedral of Saint John the Baptist. Conveniently located on I-95 at exit 104, the hotel is just 2 miles from Savannah/Hilton Head International Airport (SAV) and a short drive to the Savannah Historic District. The property is minutes from The Shoppes of Savannah and Tanger Outlets Savannah, as well as Henderson Golf Club and Crosswinds Golf Club. The Wingate Hotel is in close proximity to multiple demand generators including Hunter Army Field, Ft. Stewart Military Base, Armstrong State University, Savannah State University, Savannah Mall, Oglethorpe Mall. Corporate travelers enjoy the proximity to offices of Gulfstream Aerospace, Georgia Ports Authority, Norfolk Southern, Memorial Health University Medical Center, St Joseph’s/Candler Hospital, and Brasseler USA. Local corporations include IKEA, Target Distribution Center, Home Depot, Dollar Tree Distribution Center, Gulfstream, SheltAir, Flight Safety, and Pier 1 Distribution Center.

Investment Highlights

  • Fee simple interest in the 81-unit, Wingate Savannah Airport, located in Savannah, Georgia
  • Extremely well maintained offered with recent renovations and a minimal Property Improvement Plan expected for a new investor
  • Savannah/Hilton Head International was recently recognized as the No. 2 Airport in the U.S. in 2019 by Conde Nast Traveler | Located one mile from hotel
  • The Port of Savannah is the 4th largest port facility in the United States
  • Strategically located directly off Interstate-95
  • Downtown Savannah is less than 12 miles form the property | Close proximity to all demand generators

Exclusively Listed By

Broker of Record

  • John M. Leonard

    First Vice President/Regional Manager

    (678) 808-2700

    License(s) GA: 252904

    Georgia

Hotel-Motel

Wingate Savannah Airport

Listing Price: Request For Offer

Number of Rooms
81
RevPAR
$76
Gross SF
53,864
Year Built
2003

Investment Highlights

  • Fee simple interest in the 81-unit, Wingate Savannah Airport, located in Savannah, Georgia
  • Extremely well maintained offered with recent renovations and a minimal Property Improvement Plan expected for a new investor
  • Savannah/Hilton Head International was recently recognized as the No. 2 Airport in the U.S. in 2019 by Conde Nast Traveler | Located one mile from hotel
  • The Port of Savannah is the 4th largest port facility in the United States
  • Strategically located directly off Interstate-95
  • Downtown Savannah is less than 12 miles form the property | Close proximity to all demand generators

Investment Overview

Marcus & Millichap is pleased to offer for sale a leasehold interest in the 81-unit, Wingate by Wyndham Savannah Airport. This well-appointed Wingate was renovated in 2018 and is situated on approximately 1.92 acres. The guest rooms include complimentary Wi-Fi, flat-screen TVs and desks, minifridges, microwaves and coffeemakers. Complimentary amenities include hot breakfast with an airport shuttle and parking. Other amenities include a fitness center, an outdoor pool with a hot tub, meeting space and a 24/7 business center. The Wingate has fared well during the COVID-19 pandemic and is currently operating with an occupancy rate of 73.5%, and ADR of $93.50 and a RevPAR of $53.69 per the June 2021 STR report. During the same period, the competitive set for this hotel achieved 66.2% occupancy with a $97.13 ADR, generating a $64.35 RevPAR. Current ownership has recently completed a renovation and with a marginal Property Improvement Plan (PIP) expected for a new operator. The land lease is calculated annually at approximately 5% of gross revenues. Savannah, a coastal Georgia city, is separated from South Carolina by the Savannah River. It’s known for manicured parks, horse-drawn carriages and antebellum architecture. Its historic district is filled with cobblestoned squares and parks such as Forsyth Park shaded by oak trees covered with Spanish moss. At the center of this picturesque district is the landmark, Gothic-Revival Cathedral of Saint John the Baptist. Conveniently located on I-95 at exit 104, the hotel is just 2 miles from Savannah/Hilton Head International Airport (SAV) and a short drive to the Savannah Historic District. The property is minutes from The Shoppes of Savannah and Tanger Outlets Savannah, as well as Henderson Golf Club and Crosswinds Golf Club. The Wingate Hotel is in close proximity to multiple demand generators including Hunter Army Field, Ft. Stewart Military Base, Armstrong State University, Savannah State University, Savannah Mall, Oglethorpe Mall. Corporate travelers enjoy the proximity to offices of Gulfstream Aerospace, Georgia Ports Authority, Norfolk Southern, Memorial Health University Medical Center, St Joseph’s/Candler Hospital, and Brasseler USA. Local corporations include IKEA, Target Distribution Center, Home Depot, Dollar Tree Distribution Center, Gulfstream, SheltAir, Flight Safety, and Pier 1 Distribution Center.

Exclusively Listed By

Broker of Record

  • John M. Leonard

    First Vice President/Regional Manager

    (678) 808-2700

    License(s): GA: 252904

    Georgia

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