INVESTMENT HIGHLIGHTS

HUNTER HOTEL ADVISORS has been retained as the exclusive advisor to solicit offers on the 129-room EVEN Hotels Norwalk. Located at 426 Main Ave in Norwalk, CT, the Hotel was built in 1988 and underwent a $1M ($7.8k/key) renovation in 2022. Situated adjacent to the Merritt 7 Corporate Park and Metro Station, the Hotel is proximate to a diverse array of corporate, leisure and group demand generators. During the TTM period ended November 2024, RevPAR grew 8.5% to a level of $102.71, generating more than $4.8 million of Rooms Revenue as the Hotel continues to ramp post renovations. Notwithstanding the above, the EVEN generated an 80.5% RevPAR penetration amongst its competitive set, highlighting the significant growth opportunity available. Upon sale, a new investor will benefit from acquiring the most recently renovated hotel product in the market at a significant discount to today’s replacement costs. With limited capital due upon sale, the Hotel is expected to quickly gain RevPAR share without disruption to operations in an extremely high-barrier-to-entry market.

SIGNIFICANT OPERATIONAL UPSIDE 

Currently performing at 16.7% NOI margins, the EVEN Hotels Norwalk falls well below the typical 30%+ margins achieved by select-service hotels. There is a significant opportunity to improve topline revenue by increasing market share through optimized revenue management and a revamped sales and marketing strategy. Additionally, as the Hotel is currently institutionally owned and managed, new ownership presents an opportunity to streamline operations, reduce expenses, and drive higher margins. By implementing a focused and efficient management approach, the Hotel has the potential to achieve greater cash flow and profitability.

HIGH BARRIER TO ENTRY MARKET WITH LIMITED NEW SUPPLY 

Norwalk, particularly near Merritt 7 Corporate Park and the Merritt 7 Metro Station, is a moderate to high barrier-to-entry market for commercial real estate due to limited land availability, strict zoning regulations, and high development costs. The area’s affluence, strong corporate presence and proximity to NYC drive robust demand. With only 120 keys planned to enter the surrounding market, this provides a Buyer with the opportunity to maintain consistent cash flow without significant disruption from new competitors. 

OFFERED BELOW REPLACEMENT COST IN GROWING MARKET 

The EVEN Hotels Norwalk is being offered at a significant discount to replacement cost in a growing market. Walking distance to the Hotel is the North Seven project, a transformative mixed-use development, featuring approximately 1,300 residential units, 50,000 square feet of retail space, and amenities like a town square and green spaces. Strategically located near the upgraded Merritt 7 train station, it aims to offer a complete lifestyle experience through transit-oriented design positioned to become a vibrant hub for living, shopping, and recreation. Additionally, the $175 million Route 7/Merritt Parkway (Route 15) interchange project will further enhance connectivity and accessibility to the area, driving increased demand. The offering presents an opportunity to buy into an exponentially growing market at an attractive basis.

LISTING CONTACT

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ABOUT HUNTER

Hunter Hotel Advisors is the leading investment advisory firm focused exclusively on the hotel industry. Their seasoned team of investment professionals and offices nationwide consistently provide clients with optimal results in hotel brokerage, financial advisory and capital markets services of any size or complexity. With over 45 years of experience in both full and select-service single assets as well as portfolio marketing, the firm’s capacity in valuation, economic analysis, and industry relationships has allowed HUNTER to consistently maximize value regardless of market conditions.

Hunter Hotel Advisors is the founder and producer of the well-known and respected Hunter Hotel Investment Conference. Since their first conference in 1989, they have had a consistent focus on producing an educational and networking format based on real estate and finance for hotel owners.