COSHOCTON OH COUNTRY SQUIRE INN & SUITES BROCHURE...5 Country Squire Inn & Suites Coshocton, Ohio...
Transcript of COSHOCTON OH COUNTRY SQUIRE INN & SUITES BROCHURE...5 Country Squire Inn & Suites Coshocton, Ohio...
Country Squire Inn & Suites Coshocton, Ohio
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EXECUTIVE SUMMARY INVESTMENT CONSIDERATIONS PERFORMANCE SUMMARY LOCATION PUBLIC SPACE AND EQUIPMENT GUEST ROOMS MARKET OVERVIEW COMPETITION OPERATING HISTORY INCOME STATEMENT ENCUMBRANCES
Country Squire Inn & Suites Coshocton, Ohio
3 Country Squire Inn & Suites Coshocton, Ohio
In Conjunction with Huff, Niehaus & Associates, Inc.
EXECUTIVE SUMMARY
year built: 1978
construction: 2 Buildingso 1 Commercial Building with Lobby &
Restaurant (Leased)o 1 2-Story 50-Room Hotel with 1st Floor,
Exterior Corridors & 2nd Floor, InteriorCorridors
Wood Frame StructureBrick & Wood FacadeFlat, Built-Up RoofAsphalt Parking Lot
primary sources of business:
Roscoe VillageHeadquarters of House of Jacob Church
price: $595,000
physical attributes:50 RoomsJerry’s Restaurant (Leased)LoungeContinental Breakfast Area (Seats 12)Wireless InternetOversized Vehicle Parking
franchise: Property currently operates as an independent. Potential franchises could include Knights Inn, Motel 6, Red Roof Inn, Rodeway Inn and Travelodge.
4 Country Squire Inn & Suites Coshocton, Ohio
INVESTMENT CONSIDERATIONS fee simple: The hotel is being offered fee simple: land, hotel, furniture, fixtures & equipment.
unencumbered by management agreement: The hotel is being offered unencumbered by management.
upside potential: Affiliate with Franchise to Extend MarketReachDrive Revenues with Renovation
deal features:Ability to affiliate with franchiseGreat owner/operator propertyPriced well below replacement costLimited competition in marketAdditional income derived from lease ofrestaurant to long-term tenant
brand/franchise summary: Property currently operates as an independent. Potential franchises could include Knights Inn, Motel 6, Red Roof Inn, Rodeway Inn and Travelodge.
5 Country Squire Inn & Suites Coshocton, Ohio
PERFORMANCE SUMMARY12 Months
2014 12 Months
2015 12 Months
2016 Trailing 12 Months Ended 8/31/2017
Occupancy 22.66% 21.02% 22.74% 14.48%
Average Daily Rate $52.80 $55.70 $53.01 $56.19
Room Revenue $218,348 $213,634 $220,645 $148,885
Total Revenue $259,345 $263,617 $261,833 Not Available
Net Operating Income $3,365 $16,577 $42,597 Not Available
offering price: Price $400,000
Price per room $8,000
Number of rooms 50
Ownership Land Lease
Monthly operating statistics are calculated on a cash basis and will not match completely with sales figures presented in the income statement.
6 Country Squire Inn & Suites Coshocton, Ohio
In Conjunction with Huff, Niehaus & Associates, Inc.
LOCATION
location attributes:
Coshocton sits along the US Route 36/Ohio Route 16 corridor, midway between Pittsburgh, Pennsylvania and Columbus, Ohio.
The community supports a diverse economic base that generates over $500 million in revenues.
Close to Regional Demand Generators, Including…o 0.5 Miles to Clary Gardenso 0.8 Miles to Historic Roscoe Villageo 2 Miles to Coshocton Lake Parko 4.9 Miles to Kids Americao 6.2 Miles to Supreme Council to the House of Jacob (national headquarters)o 14.2 Miles to Pearl Valley Cheese
7 Country Squire Inn & Suites Coshocton, Ohio
In Conjunction with Huff, Niehaus & Associates, Inc.
Aerial View of Country Squire Inn & Suites:
Situated at the intersection of South Whitewoman Street and Ohio Route 83
ADDRESS: 275 South Whitewoman Street, Coshocton, Ohio 43812
ACREAGE: ±4.9514 Acres
8 Country Squire Inn & Suites Coshocton, Ohio
chicago: 224.654.6480 dallas: 469.644.0779 newport news: 757.873.0962 washington d.c.: 703.479.7894
In Conjunction with Huff, Niehaus & Associates, Inc.
PUBLIC SPACE AND EQUIPMENT
lobby flooring: 12” x 12” Ceramic Tile
restaurant: Jerry’s; Leased month to month @ $1,500/month
breakfast area: Seats 12
other amenities:1 hot water heater for every 4 roomsLaundry has its own hot water heaterLarge parking lot with room for tractor trailertrucks and RV’s
life safety systems:Simplex PanelSecurity Cameras
telephone switch: Mitel
tv system: Cable - Spectrum
house laundry: Washers 1 - Continental
Dryers 2 - Unidryer
other: Ice Machines 1 - Manitowoc
(Out of Service) Vending Owned
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In Conjunction with Huff, Niehaus & Associates, Inc.
breakfast area
breakfast bar
10 Country Squire Inn & Suites Coshocton, Ohio
In Conjunction with Huff, Niehaus & Associates, Inc.
GUEST ROOMSguestrooms: Queen Guest Room
Wall Treatment: Paint
Televisions: Mixed Cabinet TV’s with 20” Screens & Larger
Door Locks: Electronic Keyed - Winguard
Internet: Wireless High Speed
Life Safety System:
Hard-Wired Battery Back-Up Smoke Detectors
Tub/Tub Walls: Porcelain Tub with 4” x 4” Tile Surround
Bath Flooring: 12” x 12” Ceramic Tile
Vanity: Formica
other amenities:Microwave, refrigerator and in-room safe inall rooms.
room mix:
2 Full-Size Beds 25 @ 18’ x 11’
Single Queens 21 @ 15’ x 12’
Suites with Kings 2 @ 15’ x 12’
Suites with Queens 2 @ 25’ x 17’
Total Rooms 50
2 Full-Size Beds Guest Room
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In Conjunction with Huff, Niehaus & Associates, Inc.
2 Full-Size Beds Guest Room Guest Room Amenities
vanitybathroom
12 Country Squire Inn & Suites Coshocton, Ohio
In Conjunction with Huff, Niehaus & Associates, Inc.
Family Suite
Family Suite Amenitiesbathroom
13 Country Squire Inn & Suites Coshocton, Ohio
chicago: 224.654.6480 dallas: 469.644.0779 newport news: 757.873.0962 washington d.c.: 703.479.7894
In Conjunction with Huff, Niehaus & Associates, Inc.
MARKET OVERVIEWCoshocton, Ohio:
Located approximately one hour northeast of Columbus, Ohio is the City of Coshocton, home to 11,216 residents. It serves as the county seat of Coshocton County (population 36,901) in east central Ohio.
transportation: Coshocton sits along the Ohio Route 16/US Route 36 corridor, midway between Pittsburgh, Pennsylvania and Columbus, Ohio. This highway is a four-lane, divided highway from Interstate 77 to Columbus. Coshocton is approximately 15 minutes from I-77 and only 30 minutes from Interstate 70.
The local airport, Richard Downing Airport, has a 5,000-foot, lighted runway and supports general aviation. Located next to the airport is the Coshocton Airport Amphitheater. This natural amphitheater has been enhanced to host outdoor events. It is the of for a popular summer concert series.
Commercial airports include Akron-Canton Regional Airport (62 miles northeast), Port Columbus International Airport (72 miles west), and Cleveland International Airport (95 miles north), as well as Pittsburgh International Airport (106 miles east).
The Ohio Central Railroad, owned by Genesee & Wyoming, Inc., offers rail freight service in the region. It provides shortline access to CSX and Norfolk-Southern lines.
economy: Coshocton supports a diverse industrial base, drawn to the region by the abundance of natural resources. Over 20 manufacturers employ more than 2,000 employees. It is home to the largest American Flag manufacturer. Other firms produce ductile pipe, cardboard, castings, and bacon. The annual revenues of all manufacturing in Coshocton County exceeds $500 million.
distance to other major markets:
Coal has played an important role in Coschocton’s economy for many years. The nearby Conesville Power Plant uses coal mined in the region to generate power. Strip-mining supports the power plant. American Electric Power Company, Inc. owns the Conesville Power Plant. It currently operates two units, which generate 800 megawatts.
In 1886, an idea by a local printer gave rise to the specialty advertising industry, which, from its "birth" in Coshocton, eventually developed into various manufacturing companies all over the country. Today, four specialty advertising companies still thrive in Coshocton.
Agriculture remains an important economic sector in Coshocton County, with over 171,000 acres dedicated to farming. Agriculture generates approximately $56 million in annual cash receipts. Crops raised in the county include grains, livestock, poultry, hay, ornamentals, and vegetables.
Akron, OH 75 miles
Columbus, OH 77 miles
Cleveland, OH 118 miles
Pittsburgh, OH 118 miles
Cincinnati, OH 180 miles
Indianapolis, IN 249 miles
Louisville, KY 283 miles
Washington, DC 362 miles
Chicago, IL 368 miles
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coshocton county’s largest private sector employers
Pearl Valley Cheese manufactures award-winning cheeses and is known as one of Ohio's finest natural cheese makers. About 250,000 pounds (almost 30,000 gallons) of milk are processed per day to produce over 20,000 pounds of cheese at this factory in northeast Coshocton County. The milk used at the plant originates from dairy farmers throughout eastern Ohio. Pearl Valley manufactures a wide variety of natural cheeses including Colby, Marble, Pepper Jack, Lacey Swiss and Baby Swiss. The most recent additions to their product line include popular flavors of Chipotle Pepper Jack and Bacon Jack.
Bethlehem Township in Coshocton County is home to the national headquarters of The Supreme Council of the House of Jacob of the United States of America, Inc. This non-sectarian religious organization holds conferences in May, August and December, which draws its followers to Coshocton.
retail: Coshocton has three retail areas – Historic Towne Centre, Historic Roscoe Village and the Downtowner Plaza. Built in 1875, Coshocton County’s Courthouse anchors the Historic Towne Centre. On its landscaped grounds are the Coal Miner’s Memorial and several war memorials. Located across from the courthouse, Coshocton Antique Mall features over 30 dealers on two floors. This shopping district also features several boutiques, business services, and restaurants.
Historic Roscoe Village features numerous artisan and specialty shops. These include the Annin Flagmakers Showroom, Caldersburgh Trading Company, Canal Cargo, Medbery Marketplace, Roscoe General Store, Village Crafter’s Shop (featuring items made by artisans in Roscoe Village), and Wildwood Music.
Nearly fully leased, the Downtowner Plaza features several national retail chain stores, a movie theater, restaurants, and parking to accommodate visitors.
Firm Product/Service Employees
McWane/Clow Water Systems Pipe 466
Kraft Foods, Inc. Bacon 450
Oxford Mining Mining 450
AK Steel Holding Corp. Steel 420
Coshocton County Memorial Hospital Health Care 366 FT 146 PT
American Electric Power Co. Utility 302
Ohio Central Railroad Railroad 200
Wal-Mart Discount Retailer 172 FT 116 PT
Annin Flagmakers Flags 150 FT 75 PT
15 Country Squire Inn & Suites Coshocton, Ohio
chicago: 224.654.6480 dallas: 469.644.0779 newport news: 757.873.0962 washington d.c.: 703.479.7894
In Conjunction with Huff, Niehaus & Associates, Inc.
health care: Coshocton Regional Medical Center, a 56-bed rural, acute care hospital with an attached 61-bed long-term care facility, is a Medicare-Medicaid and Joint Commission-approved facility. CCMH is a member of the Ohio Hospital Association. In 2016, the hospital became a part of the Prime Healthcare Foundation.
education: Central Ohio Technical College, which offers two-year degrees, operates a campus in Coshocton. Also utilizing the Coshocton Campus are an outreach program of Muskingum University and the Coshocton County Career Center.
tourism:The Walhonding and Tuscarawas Rivers meet in Coshocton to form the Muskingum River. In addition to enabling the transport of bulk cargo, the rivers also offer recreational opportunities, such as fishing and boating. The Muskingum River Water Trail connects Coshocton to the Ohio Riveralong, the longest navigable river in Ohio. The trail includes the hand-operated locks of the Muskingum River Parkway, as well as passing through several historic towns.
Coshocton Lake Park has many miles of paved walking/bicycle trails. Commonly called the "Towpath", many of these trails follow the original towpath of the historic Ohio-Erie canal. The trail connects Lake Park, Historic Roscoe Village, and the Monticello Canal Boat ride and crosses over the Walhonding River via a rebuilt replica of the Aqueduct Bridge which carried the canal boats high above the river current. The Three Rivers Bike Trail, a 1.2 mile, asphalt trail, connects the Towpath to the Lake Park district.
Located on the Walhonding River is River Park Recreational Complex. The park includes an Aquatic Center with a two-story water slide, water playgym and tunnels. Set along the river is a camping area with a modern bathhouse.
The Playvilion at River Park is an extensive playground that includes swings, bridges, a sand canal, and slides. The centerpiece of the park is the Lake Park Pavilion, a restored 1920’s dance hall. The Pavilion hosts a variety of social events, from weddings and dances to corporate picnics and banquets.
Located next to the former Ohio and Erie Canal is Roscoe Village. This restored town of the canal era captures the history and heritage of Ohio and Erie Canal. Visitors can ride a horse-drawn canal boat, take a living history tour through the restored village, and experience how daily activities were conducted between 1820 and 1860. Several shops carry items made in a traditional fashion.
Located next to the Roscoe Village Visitor Center is the Frances B. Montgomery Memorial Garden. This historic venue, complete with a waterfall and stonework, has become a popular venue for area weddings. Inside the visitors’ center is Lock Landing, an open-concept venue that hosts a range of social activities.
Also located at Roscoe Village is the Johnson-Humrickhouse Museum. Two Coshocton brothers, David and John Johnson, moved to the West Coast. During their lifetime, they collected an assortment of American Indian, Asian and European artifacts, which they bequeathed to the city to honor their ancestors. The original musem opened in May 1931. Since then, the collection has grown, primarily in areas of local history and and pre-historic Ohio Indian tools and points. Permanent exhibits include Native American artifacts, Historic Ohio tools, furnishings and firearms, an Asian Gallery, the Golden Gallery with European and American decorative arts, and the controversial Newark Holy Stones, which were uncovered in the Newark Earthworks in 1860 with writing in Hebrew. The museum also hosts special traveling exhibits, which change approximately five times a year.
16 Country Squire Inn & Suites Coshocton, Ohio
chicago: 224.654.6480 dallas: 469.644.0779 newport news: 757.873.0962 washington d.c.: 703.479.7894
In Conjunction with Huff, Niehaus & Associates, Inc.
Another popular site is Clary Gardens. Encompassing 20 acres, the gardens feature woodland trails with sandstone outcroppings, a springhouse, ponds and a growing collection of native and exotic plants. A gazebo and outdoor amphitheater have recently been added. Clary Gardens frequently hosts weddings and other social events.
A unique asset in the county is Kids America. It features indoor youth and adult soccer fields, tennis, volleyball, basketball, and indoor tracks. It hosts numerous tournaments and camps throughout the year.
Sponsored by the Coshocton County Agricultural Society, the Coshocton County Fair is one of the last county fairs in Ohio, allowing it to draw some of the best exhibitors in the state. Held in late September and early October, the six-day agricultural fair includes agricultural exhibits by the county’s 4-H and FFA members, as well as a midway. During the remainder of the year, the fairground facilities can be leased for special events and agricultural activities.
Winding for 40 miles through Coshocton County is the Three Rivers Wine Trail. Several local wineries, including Rainbow Hills, Yellow Butterfly. Heritage Vineyards, and Raven’s Glenn, have tasting areas with scenic overlooks of the surrounding countryside.
Just 7 minutes outside of Coshocton is the Woodbury Wildlife Area, encompassing over 19,000 acres. It is the largest public hunting and fishing area in the State of Ohio, and is managed by the Ohio Department of Natural Resources. Facilities at the park include a Class A shooting range with 48 shooting benches and a walk-through archery trail with 20 targets set at different yardages.
17 Country Squire Inn & Suites Coshocton, Ohio
In Conjunction with Huff, Niehaus & Associates, Inc.
COMPETITION
Country Squire Inn & Suites
properties in sub-market:
A Coshocton Village Inn & Suites
B Roscoe Motor Inn
C Super 8
See page 18 for details on competitors.
18 Country Squire Inn & Suites Coshocton, Ohio
In Conjunction with Huff, Niehaus & Associates, Inc.
Coshocton Village Inn & Suites: 64 rooms – Built 1998
Amenities Complimentary Hot BreakfastMeeting FacilitiesBusiness CenterGuest LaundryIndoor Heated Pool, Spa & SaunaFitness Center
Wireless Internet
Super 8: 48 rooms – Built 1993
Amenities Continental BreakfastBusiness CenterIndoor Heated PoolFitness Center
Wireless Internet
Oversized Vehicle Parking
Roscoe Motor Inn: 15 rooms – Built 1985
Amenities
Wireless Internet
COMPETITORS IN SUB-MARKET
19 Country Squire Inn & Suites Coshocton, Ohio
chicago: 224.654.6480 dallas: 469.644.0779 newport news: 757.873.0962 washington d.c.: 703.479.7894
In Conjunction with Huff, Niehaus & Associates, Inc.
OPERATING HISTORY
Occupancy (%) 2014 2015 2016 2017 T-12January 14.96% 16.54% 33.92% 9.48% 20.67%February 11.14% 5.59% 31.44% 4.65% 18.55%
March 13.01% 12.68% 30.65% 7.39% 16.58%April 26.84% 32.45% 38.81% 12.71% 14.44%May 20.13% 22.11% 16.34% 9.48% 13.86%June 14.40% 16.43% 14.67% 9.47% 13.43%July 23.59% 24.38% 24.77% 14.31% 12.55%
August 27.52% 27.71% 11.24% 34.05% 14.48%September 17.85% 22.58% 13.86%
October 50.38% 23.40% 18.04%November 35.90% 27.86% 32.79%December 15.23% 19.48% 7.25%
Annual Average 22.66% 21.02% 22.74%
Average Daily Rate ($) 2014 2015 2016 2017 T-12January 51.98$ 54.22$ 51.64$ 62.95$ 53.65$ February 47.70 51.24 45.19 53.10 $54.81
March 48.59 56.92 47.50 58.16 56.15 April 56.16 52.54 53.46 61.62 57.24 May 48.96 58.77 53.89 49.28 57.15 June 55.72 55.30 55.49 55.36 57.21 July 52.75 58.31 61.59 54.55 56.29
August 52.93 56.31 52.50 55.00 56.19 September 57.02 57.98 58.78
October 54.01 57.53 56.10 November 53.29 58.02 58.58 December 56.15 57.79 60.95
Annual Average 52.80$ 55.70$ 53.01$
Gross Room Sales ($) 2014 2015 2016 2017 T-12January 12,060$ 13,717$ 26,798$ 9,127$ 202,974$ February 7,441 3,945 20,292 3,398 186,080
March 9,669 11,042 22,279 6,571 170,372 April 22,295 25,219 30,683 11,583 151,272 May 15,078 19,216 13,471 7,145 144,946 June 11,869 13,437 12,041 7,750 140,655 July 19,043 21,750 23,342 11,947 129,260
August 22,285 23,876 9,029 28,654 148,885 September 15,054 19,365 12,049
October 42,174 20,594 15,483 November 28,297 24,253 28,413 December 13,083 17,220 6,765
Total Gross Room Sales 218,348$ 213,634$ 220,645$
Monthly operating statistics are calculated on a cash basis and will not match completely with sales figures presented in the income statement.
20 Country Squire Inn & Suites Coshocton, Ohio
chicago: 224.654.6480 dallas: 469.644.0779 newport news: 757.873.0962 washington d.c.: 703.479.7894
In Conjunction with Huff, Niehaus & Associates, Inc.
INCOME STATEMENT
12 Months 2014
12 Months 2015
12 Months 2016
REVENUE:Rooms 225,843$ 232,560$ 230,709$
Restaurant Rent 27,806 25,174 23,864 Safe Warranty Income 3,024 735 276 Telephone Income 0 157 8 Miscellaneous 2,313 4,509 6,136 Pet Deposit 360 480 840
Total Revenue 259,345$ 263,617$ 261,833$
EXPENSES:Advertising 771$ 425$ 0$ Bank Charges 200 633 237 Cleanup - Mudslide 6,521 3,393 0 Corporate Lodging Commission 12 0 23 Credit Card Discounts 7,651 9,370 13,377 Insurance 9,700 10,702 14,694 Internet Charges 0 0 0 Licenses & Permits 353 357 382 Lunch Expense 0 260 0 Miscellaneous 0 125 3 Payroll Expenses 156,459 153,069 111,040 Postage & Delivery 0 0 0 Professional Fees 950 850 850 Repairs & Maintenance 6,607 8,187 2,519 Reservation Expenses 964 1,583 1,325 Cable Television 9,224 9,877 10,883 Services - Fire Extinguishers 243 0 433 Landscaping 647 1,348 645 Pest Control 1,829 334 573 Snow Removal 702 0 0 Tech Support 1,200 1,200 61 Subscriptions 159 0 159 Supplies - Breakfast 5,935 2,566 2,192 Supplies - Cleaning 7,440 7,024 6,852 Supplies - Office 1,610 781 811 Supplies - Room 107 0 3,749 Taxes 1,134 2,453 4,811 Taxes-Real Estate 9,097 9,097 9,097 Telephones 0 0 0 Utilities - Electricity 20,516 17,079 26,895 Utilities - Waste Removal 779 650 1,385 Utilities - Water 4,731 5,564 5,949 Workers Compensation 437 112 291
Total Expenses 255,980$ 247,039$ 219,236$
NET OPERATING INCOME 3,365$ 16,577$ 42,597$
21 Country Squire Inn & Suites Coshocton, Ohio
In Conjunction with Huff, Niehaus & Associates, Inc.
ENCUMBRANCESfranchise:
The hotel is currently operated as an independent. Potential franchises could include Knights Inn, Red Roof Inn, Rodeway Inn and Travelodge. Purchaser should contact their desired franchise to determine cost of conversion and franchise application fees.
financing:
The Seller is not offering financing.
management:
The hotel is not subject to a management contract.
operating contracts:
Vendor Service Term Amount Park Property of Coshocton, Ltd.
Jerry’s Restaurant Month to Month Generates $1,500/Month
Spectrum Cable Programming, Internet & Telephone Service
Unknown Costs $682/Month