HREC Investment Advisors (“HREC IA”) is pleased to offer, to qualified investors, the opportunity to acquire the 66-room, Residence Inn Peoria (“Hotel” or “Property”), situated at 2000 W War Memorial Dr, Peoria, IL 61614.
Overview
- Unique, Long-Term, Marriott Franchise Agreement - The Hotel benefits from a unique 19-year license. 14-year term when the Hotel is purchased with an additional 5-year term once the PIP is completed.
- 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.
- Terrific Location to Major Demand Generators - The Residence Inn Peoria is proximate to the Illinois Central College – Peoria Campus (~3 miles from Hotel), OSF Outpatient Medical Center and Carle Health Center (~5 miles from Hotel), and various corporate offices spanning several industries.
- Market Leader in RevPAR - According to the July 2023 TTM, the Hotel’s RevPAR leads the competitive set with a market penetration of 172.3%.
- Proximate to Portfolio Asset - The Residence Inn Peoria is within 100 feet of another Offering within this Portfolio – the Courtyard Peoria. The purchase of both Properties allows for shared expenses and economies of scale for further cost control.
- No New Supply
- Offered Well Below Replacement Cost
- Fee Simple Interest
Access the Data Room2000 W War Memorial DrPeoria, IL 61615
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