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.