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Hotel-Motel

Studio 6 Grand Junction

704 Horizon Dr, Grand Junction, CO 81506

Listing Price: $5,300,000

Cap Rate
11.06%
Number of Rooms
123
RevPAR
$32
Price/Room
$43,089
RRM
3.67
Year Built
1982

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 Studio 6 Grand Junction (‘Hotel’ or ‘Property’). The G6 Hospitality-branded Hotel is offered at $5,300,000 or $68,750 per key. The newly converted Studio 6 Grand Junction is a two-story, 123-room, exterior-corridor Hotel stationed at 704 Horizon Drive, just off Interstate 70. The Hotel was converted to the Studio 6 Brand in November 2021. This extended-stay Hotel is well equipped with many common area and guest room amenities. The guest rooms include a microwave, flat-screen television, and work desk. Some common area amenities include vending machines, guest laundry facilities, and an ice machine. The city of Grand Junction, Colorado, is in Mesa County, approximately 250 miles west-southwest of Denver, Colorado. The local economy is a strong leisure market, supported by prominent industries, including health care, education, tourism, agriculture, livestock, and energy mining. St. Mary’s Hospital and Colorado Mesa University, two of the city’s largest employers located approximately 1.8 and 2.3 miles from the Hotel respectively, are prime revenue drivers for the surrounding area. Other notable demand generators include the Grand Junction Regional Airport (1.8 miles), Avalon Theatre (3.3 miles), The Escape House (3.1 miles), Museum of Western Colorado (3.6 miles), and Bananas Fun Park (4.6 miles). In 2021, the Property completed a $1.1 million renovation to meet G6 brand standards, presenting an opportunity for a new buyer to acquire the fee-simple interest in an asset with a minimum change of ownership PIP. The Hotel further benefits from being one of only two extended-stay, economy Hotels in the area. Additionally, the Colorado Northwest Area submarket recorded a twelve-month November 2021 RevPAR of $45.45, representing a 51.2 percent increase year-over-year. There is no competitive new supply slated for development in the submarket, establishing a higher barrier of entry for potential competitors.

Investment Highlights

  • Two-Story, 123-Room, Exterior-Corridor, Extended-Stay Hotel
  • Renovated in 2021 to Meet All G6 Brand Standards
  • Highly Visible and Easily Accessible from Horizon Drive, just off Interstate 70
  • Strategic Location near Grand Junction Regional Airport and Colorado Mesa University
  • No Competitive New Supply in the Colorado Northwest Area Submarket

Exclusively Listed By

Hotel-Motel

Studio 6 Grand Junction

Listing Price: $5,300,000

Cap Rate
11.06%
Number of Rooms
123
RevPAR
$32
Price/Room
$43,089
RRM
3.67
Year Built
1982

Investment Highlights

  • Two-Story, 123-Room, Exterior-Corridor, Extended-Stay Hotel
  • Renovated in 2021 to Meet All G6 Brand Standards
  • Highly Visible and Easily Accessible from Horizon Drive, just off Interstate 70
  • Strategic Location near Grand Junction Regional Airport and Colorado Mesa University
  • No Competitive New Supply in the Colorado Northwest Area Submarket

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 Studio 6 Grand Junction (‘Hotel’ or ‘Property’). The G6 Hospitality-branded Hotel is offered at $5,300,000 or $68,750 per key. The newly converted Studio 6 Grand Junction is a two-story, 123-room, exterior-corridor Hotel stationed at 704 Horizon Drive, just off Interstate 70. The Hotel was converted to the Studio 6 Brand in November 2021. This extended-stay Hotel is well equipped with many common area and guest room amenities. The guest rooms include a microwave, flat-screen television, and work desk. Some common area amenities include vending machines, guest laundry facilities, and an ice machine. The city of Grand Junction, Colorado, is in Mesa County, approximately 250 miles west-southwest of Denver, Colorado. The local economy is a strong leisure market, supported by prominent industries, including health care, education, tourism, agriculture, livestock, and energy mining. St. Mary’s Hospital and Colorado Mesa University, two of the city’s largest employers located approximately 1.8 and 2.3 miles from the Hotel respectively, are prime revenue drivers for the surrounding area. Other notable demand generators include the Grand Junction Regional Airport (1.8 miles), Avalon Theatre (3.3 miles), The Escape House (3.1 miles), Museum of Western Colorado (3.6 miles), and Bananas Fun Park (4.6 miles). In 2021, the Property completed a $1.1 million renovation to meet G6 brand standards, presenting an opportunity for a new buyer to acquire the fee-simple interest in an asset with a minimum change of ownership PIP. The Hotel further benefits from being one of only two extended-stay, economy Hotels in the area. Additionally, the Colorado Northwest Area submarket recorded a twelve-month November 2021 RevPAR of $45.45, representing a 51.2 percent increase year-over-year. There is no competitive new supply slated for development in the submarket, establishing a higher barrier of entry for potential competitors.

Exclusively Listed By

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