140 Matthew Paul CtFlorence, AL 35630
Comfort Suites Florence Shoals Area
Asset ClassHotel & Hospitality
Overview
HREC Investment Advisors has been retained as the exclusive agent to the Owner and is pleased to offer for sale the 68-key Comfort Suites Florence Shoals Area in Florence, Alabama (herein referred to as the “Hotel” or “Property”).
Investment Highlights
- Vibrant Leisure Market: The Muscle Shoals Sound - The Shoals area, including Florence, Muscle Shoals, Sheffield, and Tuscumbia, is a vibrant destination for music lovers and tourists, driving strong leisure demand for hotels. Attractions like FAME Studios and Muscle Shoals Sound Studio highlight the region's rich musical heritage, while the Alabama Music Hall of Fame celebrates local artists. Events such as Billy Reid's Shindig and offerings at the Marriott Shoals Hotel further enhance the area's appeal, creating a unique blend of culture and hospitality that consistently attracts visitors.
- Close Proximity to Alabama’s Fastest Growing University - Florence is also home to the University of North Alabama (UNA), which generates consistent demand for hotel accommodations regardless in the market. The university has seen significant enrollment growth, reaching a record 10,600 students for Fall 2023, making it the fastest-growing university in Alabama. Additionally, UNA's transition to NCAA Division I athletics has further enhanced its appeal, with 14 athletic programs competing in the ASUN Conference, and UNA is currently expanding their athletic facilities with the new Bank Independence Stadium.
- Strategic Location within The Shoals - The Hotel is easily visible and accessible off Highway 72, the main east-west throughway in Northern Alabama. The Comfort Suites is just a short drive from the numerous attractions in The Shoals, including key corporate demand generators, the University of North Alabama, and a diverse range of leisure activities.
- Recently Renovated Asset with Minimal PIP Expected - The Property received the Choice Gold Award in 2023. Over the past year, the Hotel underwent extensive renovations following a sprinkler burst that temporarily halted operations, resulting in new windows, mattresses, carpets, RFID locks, and more. A new owner will likely only need to repaint the building and make minor upgrades to the parking lot.
- Strong Revenue and Market Penetration - With a RevPAR penetration exceeding 100% of its competitive set in the June 2024 TTM period, the Hotel has already established a strong market position. This success indicates that the Property can maintain its performance without requiring significant repositioning efforts.
- Offered Unencumbered by Management - The Property will be offered unencumbered by a management agreement. A new owner/operator has the opportunity to revamp the operational strategies of the Hotel, implement strategic cost control initiatives and employ more aggressive revenue management strategies.
140 Matthew Paul CtFlorence, AL 35630
Sales Team
Listing provided by Revere CRE