PROPERTY OVERVIEW
Hunter Hotel Advisors is pleased to announce for sale the Residence Inn Hartford Avon with updated pricing guidance.
Excellent Location Near State Capital
The Residence Inn Hartford Avon is ideally located in the Farmington Valley proximate to the junction of U.S. Route 44 and U.S. Route 202. Immediately surrounding the Hotel are a number of parks and the Farmington River that offer visitors outdoor recreation activities such as hiking, biking, kayaking, and fly fishing. Driving corporate demand, nearby Farmington is home to the world headquarters of elevator manufacturer, Otis Worldwide, and a regional office of Raytheon. Hartford, 10 miles east of the Hotel, is known as the “Insurance Capital of the World” and is home to headquarters locations of major insurance providers including Aetna, Cigna, Hartford Financial Services Group, and The Travelers Indemnity Group. Further driving corporate demand is the headquarters of aerospace manufacturer Pratt & Whitney. Pratt & Whitney reported $23.7 billion in adjusted net sales in 2023 and occupies a 260-acre campus in East Hartford. Hartford offers visitors a number of leisure attractions including the Connecticut State Capitol, Connecticut’s Old State House, the Wadsworth Atheneum, The Mark Twain House & Museum, Connecticut Science Center, XL Center, The Bushnell Performing Arts Center, and a number of local eateries and entertainment venues. Connecting travelers to the area is Bradley International Airport which served 6.25 million passengers in 2023, representing an 8% increase over the previous year.
Top Performing Asset with Additional Upside
The Residence Inn Hartford Avon is a top performing asset in the market, consistently ranking 1 of 6 in comparison to its competitive set in terms of RevPAR. As of the Trailing Twelve Month financial period ending June 2024, the Hotel achieved a RevPAR of $142.86, generating a penetration of 136% and a Room Revenue of $5.2 million. Currently absentee owned, a Buyer has substantial potential for improvement upon implementation of a more efficient operational strategy. Achieving an NOI of $1.57 million (29.8% margin), new ownership is expected to benefit from NOI levels well exceeding in-place metrics with a revamped operational strategy.
Institutional Extended Stay Marriott Branded Asset
The Residence Inn brand is renowned as Marriott’s highest-performing extended stay brand. Residence Inn hotels pride itself on providing an exceptional experience for longer-stay guests, emphasizing personalized service and creative design elements. Extended stay hotels have achieved occupancy rates 10% - 14% higher than the average hotel over the last 20 years and proved resilient during and after COVID-19 with minimal losses compared to traditional hotels. As premium branded assets, these properties enjoy distinct competitive advantages, supported by their extensive rewards and reservation systems and the widely recognized Marriott name. All Marriott properties benefit from the esteemed Marriott Bonvoy reward program, boasting an impressive membership base of over 160 million individuals across 31 brands and spanning more than 8,000 hotels worldwide.
55 Simsbury Rd, Avon, CT 06001