Overview
HREC Investment Advisors (“HREC IA”) is pleased to offer, to qualified investors, the opportunity to acquire the 120-room Courtyard Springfield Downtown (“Hotel” or “Property”), situated at 100 S Fountain Ave, Springfield, OH 45502. The Courtyard Springfield Downtown offers a compelling investment opportunity in a growing market. Situated between Dayton and Columbus and a short drive away from Cincinnati, Springfield is located at the epicenter of Ohio’s rapid growth in recent years. With significant demand from the military, the distribution center industry, the automotive industry, and more, the city has grown as a regional destination.
The Courtyard is the only hotel in Downtown Springfield, and the Hotel’s top-line performance accurately reflects its importance to the city and region. As the market leader for RevPAR among its competitive set, the Courtyard Springfield Downtown generates significant top-line revenue. With cost-cutting initiatives, a new owner can capitalize upon the strong top-line revenue to increase cash flow. As the leading hotel with the best location among two Marriott products in Springfield, the Hotel leverages its affiliation with the Marriott Bonvoy rewards program, providing access to a vast network of over 160 million members and expanding demand channels for bookings.
Springfield is home to a diverse economic landscape with major employers spanning insurance, manufacturing, food distribution, retail, higher education, and more. Assurant and Navistar are the two largest corporate employers, while Topre America, Dole Fresh Vegetables, Gabe’s, and Yamada North America bolster Springfield’s manufacturing landscape. The city hosts prestigious educational institutions like Wittenberg University and Cedarville University, along with Clark State College, offering a range of degree programs. Springfield's strategic significance is highlighted by military installations such as the Ohio Air National Guard's 178th Wing, complemented by cultural attractions like the Clark State Performing Arts Center and the Springfield Museum of Art, as well as outdoor destinations like Mad River Gorge and the Clark County Fairgrounds.
Investment Highlights
- Premier Hotel in Springfield: The Courtyard is Downtown Springfield’s only hotel, reigning as the top choice in a market where only one other Marriott-branded property exists. Nestled in the heart of Springfield, this distinctive hotel serves as an invaluable asset to the local community.
- Substantial Ancillary Revenue: The Hotel is home to a larger food and beverage offering than what is typically found at Courtyard properties. Mela Urban Bistro, the hotel’s restaurant, provides full-service dining on-site. Additionally, with three event rooms totaling over 6,500 square feet of meeting space, the Courtyard is an ideal option for meetings and events in Downtown Springfield, being the only hotel in the area.
- Strong Operating Performance with Upside: As of the March 2024 TTM period, the Property achieved a 117.6% RevPAR penetration, ranking 1 of 5 among its competitive set. While revenue remains robust, there is an opportunity for a new owner to enhance cash flow by implementing strategic cost control measures.
- Urban Core Location: Springfield has emerged as a thriving center for manufacturing, distribution centers, agribusiness, and aerospace industries. With key demand generators like Assurant’s call center, Navistar’s manufacturing plant, the 178th Wing, and other major facilities located just a short drive from the Hotel, the Courtyard’s central position makes it the perfect choice for visitors to Springfield’s growing industries.
- Courtyard Brand Affiliation: Courtyard by Marriott is one of the most recognizable brands in the hospitality industry. Furthermore, the affiliation with the 160 million members of Marriott’s Bonvoy rewards program provides additional benefits in expanding demand channels for bookings.
- Upside from Replacing Existing Management: The Courtyard presents an excellent opportunity for an investor to purchase the Hotel unencumbered by a management agreement. An investor possesses the opportunity to bring in a new management company or operate internally and seek to revamp the operational strategy of the Hotel.
- Fee Simple Interest
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