Overview
The Residence Inn Topeka offers a promising value-add opportunity while being located near significant demand generators such as the Stormont Vail Events Center, Topeka Zoo, and the NOTO Arts & Entertainment District.
The affiliation with the 160 million Marriott Rewards System members provides additional benefits in expanding demand channels for bookings. An investor can also capitalize on opportunities to revamp operations and implement cost control initiatives.
Topeka’s corporate landscape includes a Goodyear Tire Distribution Center, Target Distribution Center, Frito-Lay Manufacturing Center, and more, Additionally, the city is home to Washburn University – a public university with 6,100 students. Along with a strong corporate and education presence, Topeka is home to highly esteemed healthcare systems including Stormont Vail Health and The University of Kansas Health System St. Francis Campus. These two campuses combine for a total of 964 beds.
Investment Highlights
Unique, Long-Term, Marriott Franchise Agreement: The Hotel benefits from a 14-year franchise license expiring in 2037 which is very uncommon for Marriott products of this age. The Hotel will receive an additional 5-year term once the PIP is completed. After the future franchise agreement expires, the Hotel has great potential to be converted to multi-family.
Upside from Replacing Existing Management: An investor can seek to revamp the operations of the Hotels, implement strategic cost control initiatives, and employ more aggressive yield management strategies.
Value-Add Offering: The Hotel will require a full PIP upon sale, improving the standing of the properties in relation to the competitive set.
Terrific Location to Major Demand Generators: The Hotel is less than five miles from Washburn University, The Stormont Vail Events Center, and Topeka Zoo.
Offered Well Below Replacement Cost
No New Supply
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