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Hotel-Motel

Canterbury Inn

5805 W Kellogg Dr, Wichita, KS 67209

Listing Price: $1,675,000

Cap Rate
7.07%
Number of Rooms
97
RevPAR
$14
Price/Room
$17,268
RRM
3.50
Year Built
1965

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 Canterbury Inn in Wichita, Kansas (‘Hotel’ or ‘Property’). The Independent-branded Hotel is offered at $1,675,000 or $17,268 per key. The Canterbury Inn is a 97-room, two-story Hotel in Wichita, Kansas. The Property’s common area amenities include an outdoor pool, breakfast facilities, meeting room, and on-site bar/restaurant space. Each room features amenities such as a television, coffee maker, desk and chair, refrigerator, and microwave. The Property is situated just 6 miles from downtown Wichita, at the intersection of Highway 400 and Interstate 235, providing swift access to Wichita’s prominent industries like aerospace, advanced manufacturing, agriculture, energy, IT systems, and support, healthcare, and transportation. A major room demand generator for the Hotel, the Dwight D. Eisenhower National Airport is Kansas' largest airport and is located less than 2.5 miles from the Hotel. Additional demand generators include Spirit AeroSystems (10.5 miles), Hawker Beechcraft Corp. (1.5 miles), Cessna Aircraft Company (2.4 miles), McConnel Air Force Base (14.6 miles), Wichita State University (10.5 miles), Ascension via Christi St. Francis Hospital (6.9 miles), Ascension Via Christi St. Joseph Hospital (8.4 miles), and INTRUST Bank Arena (5.6 miles). This offering presents a new investor with the chance to acquire an opportunistic asset with major upside potential. Strategic investment of capital by a new investor should assist the Property significantly in garnering real rate growth. The Hotel’s future earnings are projected to dramatically improve as the Hotel completes renovations and rebranding. At the end of 2021, the Hotel recorded room revenues under $500 thousand and an operating income of $118 thousand or 24.8 percent of total revenues, after a 3 percent capital replacement reserve.

Investment Highlights

  • Two-Story, 97-Room, Independent-Operated Hotel Within the Wichita MSA
  • Priced Well-Below Replacement Cost at $17,268 Per Key
  • Excellent Mix of Amenities Including Meeting/Banquet Room and On-Site Bar/Restaurant
  • Preferred Highway Location Providing Excellent Visibility from Highway 400 with Easy Access to Interstate 235
  • Less than 2.5 Miles from the Dwight D. Eisenhower National Airport - the Largest Airport in Kansas
  • Value-Add Opportunity to Increase Daily Rates Through Investment into Renovation and Rebranding

Exclusively Listed By

Broker of Record

  • Colby Haugness

    First Vice President Investments

    (816) 410-1010

    License(s) KS: 00241410

    Kansas

Hotel-Motel

Canterbury Inn

Listing Price: $1,675,000

Cap Rate
7.07%
Number of Rooms
97
RevPAR
$14
Price/Room
$17,268
RRM
3.50
Year Built
1965

Investment Highlights

  • Two-Story, 97-Room, Independent-Operated Hotel Within the Wichita MSA
  • Priced Well-Below Replacement Cost at $17,268 Per Key
  • Excellent Mix of Amenities Including Meeting/Banquet Room and On-Site Bar/Restaurant
  • Preferred Highway Location Providing Excellent Visibility from Highway 400 with Easy Access to Interstate 235
  • Less than 2.5 Miles from the Dwight D. Eisenhower National Airport - the Largest Airport in Kansas
  • Value-Add Opportunity to Increase Daily Rates Through Investment into Renovation and Rebranding

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 Canterbury Inn in Wichita, Kansas (‘Hotel’ or ‘Property’). The Independent-branded Hotel is offered at $1,675,000 or $17,268 per key. The Canterbury Inn is a 97-room, two-story Hotel in Wichita, Kansas. The Property’s common area amenities include an outdoor pool, breakfast facilities, meeting room, and on-site bar/restaurant space. Each room features amenities such as a television, coffee maker, desk and chair, refrigerator, and microwave. The Property is situated just 6 miles from downtown Wichita, at the intersection of Highway 400 and Interstate 235, providing swift access to Wichita’s prominent industries like aerospace, advanced manufacturing, agriculture, energy, IT systems, and support, healthcare, and transportation. A major room demand generator for the Hotel, the Dwight D. Eisenhower National Airport is Kansas' largest airport and is located less than 2.5 miles from the Hotel. Additional demand generators include Spirit AeroSystems (10.5 miles), Hawker Beechcraft Corp. (1.5 miles), Cessna Aircraft Company (2.4 miles), McConnel Air Force Base (14.6 miles), Wichita State University (10.5 miles), Ascension via Christi St. Francis Hospital (6.9 miles), Ascension Via Christi St. Joseph Hospital (8.4 miles), and INTRUST Bank Arena (5.6 miles). This offering presents a new investor with the chance to acquire an opportunistic asset with major upside potential. Strategic investment of capital by a new investor should assist the Property significantly in garnering real rate growth. The Hotel’s future earnings are projected to dramatically improve as the Hotel completes renovations and rebranding. At the end of 2021, the Hotel recorded room revenues under $500 thousand and an operating income of $118 thousand or 24.8 percent of total revenues, after a 3 percent capital replacement reserve.

Exclusively Listed By

Broker of Record

  • Colby Haugness

    First Vice President Investments

    (816) 410-1010

    License(s): KS: 00241410

    Kansas

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