PROPERTY OVERVIEW

EXCELLENT LOCATION NEAR MAJOR MANUFACTURING PLANTS
The MainStay Suites Louisville Jeffersontown is located off Interstate 64 in the heart of a densely developed corporate and industrial district. Anchoring the corporate space is the Quality Control Center of Papa Johns, one of the firm’s largest corporate hubs, which employs 600 people. Additionally driving substantial corporate demand is the GE Appliance Park, a sprawling 750-acre site home to GE Appliance’s headquarters and 5 manufacturing plants that employ approximately 8,500 people. In 2023, the firm completed a $450 million investment in the facility, which consisted of installing new equipment and constructing new assembly lines. Overall, the facility has contributed $7.4 billion to Kentucky’s GDP and is crucial to the firm’s R&D efforts, employing more than 1,600 engineers to develop new products. Driving leisure demand to the area are Churchill Downs, which is home to the annual Kentucky Derby, the Kentucky Exhibition Center, and Downtown Louisville. Downtown Louisville is home to historic attractions, such as the Louisville Slugger Museum & Factory, the Kentucky International Convention Center, and numerous local eateries and entertainment venues. Connecting travelers to the area is Louisville Muhammad Ali International Airport which served 4.7 million passengers in 2023, representing a 20% increase year-over-year.

RECENTLY RENOVATED PRODUCT
The MainStay Suites Louisville Jeffersontown has recently received a comprehensive renovation that significantly disrupted Hotel operations. As of the Trailing Twelve Month financial period ending February 2024, the Hotel achieved a RevPAR of just $35.63 and a penetration of 75%, ranking 6 of 7 in comparison to the competitive set. A Buyer has the opportunity to capitalize on unrealized post-renovation ramping.

ADDITIONAL UPSIDE UPON REVAMPED MANAGEMENT STRATEGY
Currently institutionally managed, a Buyer has substantial potential for improvement upon implementation of a more efficient management strategy. Under new management, a Buyer will have the opportunity to improve on efficiencies and lower costs compared to those of a larger, institutional management company. A refined management approach is expected to result in RevPAR and NOI levels well exceeding in-place metrics.

OFFERED BELOW REPLACEMENT COST
The MainStay Suites Louisville Jeffersontown is being offered at a substantial discount to replacement cost in a market with diverse demand generators consisting of major manufacturing and corporate facilities including GE Appliance Park and 2 major Ford vehicle manufacturing plants.