1928 W War Memorial DrPeoria, IL 61614
Courtyard Peoria
Asset ClassHotel & Hospitality
HREC Investment Advisors (“HREC IA”) is pleased to offer, to qualified investors, the opportunity to acquire the 78-room, Courtyard Peoria (“Hotel” or “Property”), situated at 1928 W War Memorial Dr, Peoria, IL 61614.
Overview
- Unique, Long-Term, Marriott Franchise Agreement - The Hotel benefits from a 14-year franchise license, 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.
- Terrific Location to Major Demand Generators - The Courtyard 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 112.6%.
- Proximate to Portfolio Asset - The Courtyard Peoria is within 100 feet of another Offering within this Portfolio – the Residence Inn 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
Photo Gallery
1928 W War Memorial DrPeoria, IL 61614
Sales Team
Debt Contact
Listing provided by Revere CRE