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100 Springside DrAkron, OH 44333
Value Add Courtyard Northern Ohio
Asset ClassHotel & Hospitality
HREC Investment Advisors (“HREC IA”) is pleased to offer, to qualified investors, the opportunity to acquire the 78-room, Courtyard Akron Fairlawn (“Hotel” or “Property”), situated at 100 Springside Dr, Akron, Ohio 44333.
overview of deal

Overview

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.

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Investment Highlights

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.

 

Value-Add Offering

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

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100 Springside DrAkron, OH 44333

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