Overview
HREC is pleased to offer the opportunity to acquire the leasehold interest in the 127-key Hyatt Place Pensacola Airport (the “Property” or “Hotel”), located at 2468 Skye Way, Pensacola, FL 35204. The acquisition of the Hotel gives a new Buyer the opportunity to purchase a strong-branded Hyatt product with significant upside in terms of top-line revenue. As the closest hotel to Pensacola International Airport, the second largest airport in the Florida Panhandle, the Hotel benefits from a prime location that will enable a new Owner to leverage the ongoing growth in passenger traffic.
Pensacola boasts a diverse market, encompassing strong military, leisure, and corporate demand, making it a dynamic region in the Southeast. Furthermore, the Hotel's proximity to two major higher education institutions in Pensacola enhances its appeal. Through substantial renovation efforts, a new Owner will be able to increase the Property's share of the market RevPAR, effectively competing with recently constructed or renovated properties within the growing airport submarket.
Investment Highlights
- The Hyatt Place is the closest hotel to Pensacola International Airport (PNS), allowing the potential for stable crew room nights as well as transient demand from the growing passenger traffic at PNS.
- Attractive, long-term ground lease (expires in 2063 with multiple extension options) with the City of Pensacola, as well as lease income from a leased parcel to Baptist Health.
- Significant upside potential with the completion of a PIP, which will also allow a Buyer to negotiate a long-term franchise agreement extension beyond the current term.
- Limited new supply in the Pensacola market will allow new Owner to capitalize on renovation.
- Well-below replacement cost.
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