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Hotel-Motel

Comfort Suites South Elkhart

27838 Co Rd 24, Elkhart, IN 46517

Listing Price: $3,995,000

Cap Rate
7.43%
Number of Rooms
53
RevPAR
$55
Price/Room
$75,377
RRM
3.75
Year Built
2007

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 Comfort Suites South Elkhart (‘Hotel’ or ‘Property’). The Choice Hotels International-branded Hotel is offered at $3,995,000 or $75,377 per key. The Comfort Suites is a three-story, 53-room Hotel stationed at 27838 Country Road 24, just off Interstate 20 and Highway 19. This Hotel features an indoor heated pool and whirlpool, exercise room, business center, laundry facilities, and 1,000 square feet of meeting/event space. Spacious guest rooms offer a ?at-screen television, refrigerator, microwave, work desk, and iron/ironing board. The city of Elkhart, Indiana, is in Elkhart County, approximately 15 miles east of South Bend, Indiana, 110 miles east of Chicago, Illinois, and 150 miles north of Indianapolis, Indiana. Elkhart is best known for two industries: recreation vehicles and musical instruments. Due to these industries, the city has been referenced as the RV Capital of the World and the Band Instrument Capital of the World. Other notable industries include pharmaceuticals, electronic components, manufactured housing, and mobile homes. Nearby businesses include Bennington Marine (10.5 miles), Forest River Inc (5.7 miles), Keystone RV (16.2 miles), Skyline Home Manufacturing (3.4 miles), Sun Valley Inc (4.1 miles), Thor Motor Coach (7.6 miles), NIBCO Inc (5.6 miles), and Elkhart Brass Manufacturing (3.9 miles). Leisure demand generators like Ruthmere Mansion (4.6 miles), RV/MH Hall of Fame (12.3 miles), Amish Acres (15.1 miles), Hall of Heroes (5.8 miles), and the Midwest Museum of American Art (4.0 miles) help facilitate room demand to the region. Six higher education campuses reside in or near Elkhart such as Indiana University – South Bend (14.1 miles), Saint Mary’s College (19.5 miles), Bethel University (12.7 miles), Goshen College (13.9 miles), University of Notre Dame (16.3 miles), and Southwestern Michigan College (26.0 miles). In 2021, the limited-service Hotel recorded room revenues of over $1.06 million, representing nearly a 40 percent increase year-over-year. In the same period, the Hotel achieved a healthy net operating income above $296.7 thousand, or 27.39 percent as a percentage of total revenues, after a four percent capital replacement reserve. A prospective buyer can continue increasing market share and RevPAR through operational initiatives and revenue management strategies.

Investment Highlights

  • Three-Story, 53-Room, Limited-Service Hotel within the Elkhart-Goshen Metropolitan Statistical Area
  • Easily Accessible from Interstate 20 and Highway 19
  • Abundance of Nearby Business and Leisure Demand Generators
  • 40 Percent Year-Over-Year Room Revenue Increase through 2021
  • Potential to Continue Increasing Market Share and RevPAR through Operational Initiatives and Revenue Management Strategies

Exclusively Listed By

Broker of Record

  • Josh Caruana

    First Vice President/District Manager

    (317) 218-5300

    License(s) IN: RB14034355

    Indiana

Hotel-Motel

Comfort Suites South Elkhart

Listing Price: $3,995,000

Cap Rate
7.43%
Number of Rooms
53
RevPAR
$55
Price/Room
$75,377
RRM
3.75
Year Built
2007

Investment Highlights

  • Three-Story, 53-Room, Limited-Service Hotel within the Elkhart-Goshen Metropolitan Statistical Area
  • Easily Accessible from Interstate 20 and Highway 19
  • Abundance of Nearby Business and Leisure Demand Generators
  • 40 Percent Year-Over-Year Room Revenue Increase through 2021
  • Potential to Continue Increasing Market Share and RevPAR through Operational Initiatives and Revenue Management Strategies

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 Comfort Suites South Elkhart (‘Hotel’ or ‘Property’). The Choice Hotels International-branded Hotel is offered at $3,995,000 or $75,377 per key. The Comfort Suites is a three-story, 53-room Hotel stationed at 27838 Country Road 24, just off Interstate 20 and Highway 19. This Hotel features an indoor heated pool and whirlpool, exercise room, business center, laundry facilities, and 1,000 square feet of meeting/event space. Spacious guest rooms offer a ?at-screen television, refrigerator, microwave, work desk, and iron/ironing board. The city of Elkhart, Indiana, is in Elkhart County, approximately 15 miles east of South Bend, Indiana, 110 miles east of Chicago, Illinois, and 150 miles north of Indianapolis, Indiana. Elkhart is best known for two industries: recreation vehicles and musical instruments. Due to these industries, the city has been referenced as the RV Capital of the World and the Band Instrument Capital of the World. Other notable industries include pharmaceuticals, electronic components, manufactured housing, and mobile homes. Nearby businesses include Bennington Marine (10.5 miles), Forest River Inc (5.7 miles), Keystone RV (16.2 miles), Skyline Home Manufacturing (3.4 miles), Sun Valley Inc (4.1 miles), Thor Motor Coach (7.6 miles), NIBCO Inc (5.6 miles), and Elkhart Brass Manufacturing (3.9 miles). Leisure demand generators like Ruthmere Mansion (4.6 miles), RV/MH Hall of Fame (12.3 miles), Amish Acres (15.1 miles), Hall of Heroes (5.8 miles), and the Midwest Museum of American Art (4.0 miles) help facilitate room demand to the region. Six higher education campuses reside in or near Elkhart such as Indiana University – South Bend (14.1 miles), Saint Mary’s College (19.5 miles), Bethel University (12.7 miles), Goshen College (13.9 miles), University of Notre Dame (16.3 miles), and Southwestern Michigan College (26.0 miles). In 2021, the limited-service Hotel recorded room revenues of over $1.06 million, representing nearly a 40 percent increase year-over-year. In the same period, the Hotel achieved a healthy net operating income above $296.7 thousand, or 27.39 percent as a percentage of total revenues, after a four percent capital replacement reserve. A prospective buyer can continue increasing market share and RevPAR through operational initiatives and revenue management strategies.

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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