Overview
HREC Investment Advisors (“HREC IA”) is pleased to offer, to qualified investors, the opportunity to acquire the fee-simple interest in the Grand Junction Marriott Portfolio consisting of the 136-room Courtyard Grand Junction and 104-room Residence Inn (“Hotels” or “Properties”), located at 765 and 767 Horizon Dr, Grand Junction, Colorado 81506. These properties may be sold individually or as a portfolio.
The Courtyard and Residence Inn Grand Junction is a two-property portfolio that presents a true value-add acquisition opportunity in a steadily growing RevPAR market with no planned or proposed additions to supply. Situated on Interstate 70 midway between Denver and Salt Lake City, Grand Junction is a convenient stopover for both business and leisure travelers as they traverse the Rocky Mountain west.
Grand Junction, located on what is referred to as the “Western Slope” of Colorado, has evolved into a popular tourist destination and highly desirable place to live because of the area’s impressive natural surroundings, mild climate, affordable cost of living, and easily accessible outdoor recreational activities. As the largest city on the Western Slope, Grand Junction benefits from diverse demand generators including government, transient and corporate group, health care, university-related, and of course, leisure.
Grand Junction has benefitted from the record-setting tourist visitation to the state of Colorado as a whole. As the more familiar tourist destinations in Colorado have become over-burdened with high visitor numbers, the Colorado Tourism Board (“CTB”) has undertaken marketing efforts to distribute visitation to other parts of the state. The CTB initiatives have been successful, hence, the continued strong Grand Junction RevPAR growth post-Covid through summer 2024.
The Properties have been in receivership/special servicing since September 2023. This, in conjunction with the PIP requirements, creates both a repositioning and operational value-add investment opportunity.
Investment Highlights
Excellent Visibility From I-70
The Properties are located adjacent to Interstate 70 (I-70), which connects the city to major destinations, including Denver to the east and the Utah border to the west, facilitating both local and interstate travel. I-70 provides access to various recreational areas, including the Colorado National Monument and the Grand Mesa, making it an important route for tourists.
Proximity to Grand Junction Regional Airport
Grand Junction Regional Airport (GJT) serves as a key transportation hub for the area. Located just one mile from the Properties, it offers both commercial and general aviation services. The airport has a single runway and a modern terminal, providing flights to several major hubs, including Denver and Dallas, which connect travelers to national and international destinations.
Property Improvement Plans
Upon acquisition, a new owner will be required to implement property improvement plans for each Hotel. This offers a significant opportunity to upgrade the guestroom product in line with Marriott International guidelines. By enhancing the guest experience, a new owner can reposition the Hotels, justify higher rates, and ultimately drive more revenue to the bottom line.
Offered Unencumbered by Management
Both the Courtyard and Residence Inn are being offered unencumbered by a management agreement. An investor possesses the opportunity to bring in a new management company or to act as an owner/operator and seek to revamp the operational strategy of these Hotels, implement strategic cost control initiatives, and employ more aggressive yield management strategies.
Fee Simple Interest
These Properties will be offered as fee simple.
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