Overview
HREC Investment Advisors (“HREC IA”) is pleased to offer, to qualified investors, the opportunity to acquire the 124-guestroom SpringHill Suites Peoria (“Hotel” or “Property”), situated at 2701 W Lake Ave, Peoria, IL 61615.
The acquisition of the SpringHill Suites Peoria represents a value-add investment ideally located nearby significant demand generators such as Caterpillar Inc, the Peoria Civic Center, OSF Healthcare, and Illinois Central College – Peoria Campus. Additionally, the current franchise agreement expires upon sale. Upon completion of a rebrand, the Hotel will be able to increase its share of the market rate throughout the year.
Peoria is the largest city on the Illinois River and the eighth-most populous city in the state of Illinois. Peoria’s economy is dominated by healthcare, manufacturing, and agriculture. Through Bradley University, Illinois Central College – Peoria, and three medical universities collectively enrolling over 15,000 students, the city serves as a significant hub for research and education. Noteworthy institutions such as OSF St. Francis College of Nursing, the University of Illinois College of Medicine at Peoria, and Methodist College attract students nationwide for their acclaimed medical programs.
The acquisition of the Hotel represents a great opportunity to acquire the fee-simple interest in a value-add investment, with superior proximity to a major interstate in the area.
Investment Highlights
Available Unencumbered of Franchise
This institutionally owned asset is available unencumbered of franchise.
Upside from Replacing Existing Management
According to the December 2024 12-month period, the SpringHill Suites Peoria ranks 5 out of 7 in RevPar penetration within its STR competitive set, offering significant room for improvement.
Value-Add Offering
The Hotel will require a conversion to a new franchise upon sale. A conversion PIP should significantly boost the Property's performance against the competitive set.
Excellent Visibility and Location Near Major Highway
The Property is located directly off of Interstate 74, benefiting from substantial passenger and vehicle traffic that funnels into the central core of Illinois. I-74 serves as an important east-west route and is a key transportation corridor in the Midwest, connecting with other major interstates such as I-80.
No New Supply.
There are no properties currently planned or under construction within 5 miles of the Property.
Fee Simple Interest
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