The Courtyard Akron Fairlawn offers a promising value-add opportunity while being located near significant demand generators such as a major national park (2.9M annual visitors), two corporate headquarters, and threehealthcare systems.
The Property's top line offers room for growth, with it being ranked 3 out of 5 for RevPAR in relation to its competitive set for October 2023. 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.
Akron’s diverse economy offers two corporate headquarters, Goodyear Tire and Company and FirstEnergy. Moreover, the three healthcare systems in the area, Summit Healthcare, Cleveland Clinic, and Akron Children’s, have a combined total of over 2,000 beds, creating a healthcare hub in Akron to support the surrounding areas.
Unique, Long-Term, Marriott Franchise Agreement
The Hotel benefits from a 14-year franchise licenseexpiring in 2037 which is very uncommon for Marriott products of this age.
Upside from Replacing Existing Management
An investor can seek to revamp the operations of the Hotel, implement strategic cost control initiatives, and employ more aggressive yield management strategies.
The Hotel will require a full PIP upon sale, improving the standing of this property in relation to the competitive set.
High RevPAR Penetration
According to the October 2023 TTM, the Hotel’s Occupancy penetrated at 151.8% while its ADR penetrated at 85.5% against its competitive set, resulting in a 129.9% RevPAR penetration.
Offered Well Below Replacement Cost
No New Supply