1900 Dodge Rd NECedar Rapids, IA 52402
Residence Inn Cedar Rapids
Asset ClassHotel & Hospitality
HREC Investment Advisors (“HREC IA”) is pleased to offer, to qualified investors, the opportunity to acquire the 66-room, Residence Inn Cedar Rapids (“Hotel” or “Property”), situated at 1900 Dodge Rd NE, Cedar Rapids, IA 52402.
Overview
- Unique, Long-Term, Marriott Franchise Agreement - The Hotel benefits from a unique 19-year license. 14-year term when the Hotel is purchased with an additional 5-year term once the PIP is completed. After the future franchise agreement expires, the Hotel has great potential to be converted to multi-family.
- Upside from Replacing Existing Management - An investor can seek to revamp the operations of the Hotel, implement strategic cost control initiatives, and employ more aggressive yield management strategies.
- Value-Add Offering - The Hotel will require a full PIP upon sale, improving the standing of this property in relation to the competitive set.
- Terrific Location Near Major Demand Generators - The Hotel is in proximate to significant demand generators such as the Rockwell Collins, Quaker Oats, two educational institutions, and two hospitals.
- Offered Well Below Replacement Cost
- Fee Simple Interest
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1900 Dodge Rd NECedar Rapids, IA 52402
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Listing provided by Revere CRE