FORTUNE INN & SUITES OFFERING MEMORANDUM...FORTUNE INN & SUITES OFFERING MEMORANDUM Chris Moses...

10
FORTUNE INN & SUITES OFFERING MEMORANDUM Chris Moses Newmark Moses Tucker Partners Principal, President & CEO 501.376.6555 [email protected] EXCLUSIVELY LISTED BY: Ryan Lasiter Lasiter Real Estate Principal, Partner & Leadership 501.435.3447 [email protected]

Transcript of FORTUNE INN & SUITES OFFERING MEMORANDUM...FORTUNE INN & SUITES OFFERING MEMORANDUM Chris Moses...

Page 1: FORTUNE INN & SUITES OFFERING MEMORANDUM...FORTUNE INN & SUITES OFFERING MEMORANDUM Chris Moses Newmark Moses Tucker Partners Principal, President & CEO 501.376.6555 cmoses@newmarkmtp.com

FORTUNE INN & SUITESOFFERING MEMORANDUM

Chris MosesNewmark Moses Tucker PartnersPrincipal, President & [email protected]

EXCLUSIVELY LISTED BY:

Ryan LasiterLasiter Real EstatePrincipal, Partner & [email protected]

Page 2: FORTUNE INN & SUITES OFFERING MEMORANDUM...FORTUNE INN & SUITES OFFERING MEMORANDUM Chris Moses Newmark Moses Tucker Partners Principal, President & CEO 501.376.6555 cmoses@newmarkmtp.com

2MARKET OVERVIEWNewport, AR

Property OverviewThe Fortune Inn consists of 22,046 SF and 57 rooms on approximately 3acres. Additionally, the property features a pool, lounge/bar area andplentiful parking for guests. The property is ideally located alongHighway 367, which experienced 14,000 VPD.

Location OverviewThe Fortune Inn is located by Downton Newport on Highway 367between Little Rock and Memphis in Northeast Arkansas. Newport islocated in Jackson County, AR with a population of 17,135. Newport ishome to Arkansas State University at Newport, a public two-year collegewith enrollment of over 4,000 students.

Arkansas Medical Marijuana ImpactDelta Medical Cannabis Company broke ground on a new 35,000 square foot facility creating 20-30 well-paying jobs for the Newport community. The company plans to invest up to $8 million in construction and open at the beginning of Q3 2019.

New BusinessGränges has decided to restart production at its Newport, Arkansas facility focused on light gauge aluminum foil for various consumer applications. In total, the investment amounts to $26 million. The production in Newport will start in the first quarter of 2019, and then gradually expand as the upgrade is completed. The expansion will create an additional 100 full-time jobs over the next two years, more than quadrupling its size.

Page 3: FORTUNE INN & SUITES OFFERING MEMORANDUM...FORTUNE INN & SUITES OFFERING MEMORANDUM Chris Moses Newmark Moses Tucker Partners Principal, President & CEO 501.376.6555 cmoses@newmarkmtp.com

3EXECUTIVE SUMMARYFortune Inn – Newport, AR

PROPERTY OVERVIEW

Address 815-901 Highway 367 NorthNewport, AR 72112

Business Name Fortune Inn & Suites

Square Feet 22,046

Acres 3.0

Zoning C-1

Number of Floors 2

Number of Rooms 57

Year Built 1980

INVESTMENT SUMMARYList Price: $1,500,000

Estimated Net Income $272,098

Cap Rate 18.13%

$/SF $68.03

$/Room $26,315

APPRAISAL VALUEAppraised Value $2,267,483

Estimated Net Income $272,098

Cap Rate 12%

Page 4: FORTUNE INN & SUITES OFFERING MEMORANDUM...FORTUNE INN & SUITES OFFERING MEMORANDUM Chris Moses Newmark Moses Tucker Partners Principal, President & CEO 501.376.6555 cmoses@newmarkmtp.com

4FINANCIAL OVERVIEWFortune Inn – Newport, AR

2017 2018 - Six Months -January 1st to June 27th

Total Days 365 178

Number of Rooms 57 57

Percent Occupied 50.87% 45.04%

Total Room Revenue $702,019 $295,170

Average Room Revenue $12,316 $5,178

Average Daily Rate by Room $66.33 $64.59

Total Rooms Occupied 10,583 4,570

Total Guests 14,564 6,388

Average Daily Rate by Guest $48.20 $46.21

Percent Occupied 50.87% 45.04%

Page 5: FORTUNE INN & SUITES OFFERING MEMORANDUM...FORTUNE INN & SUITES OFFERING MEMORANDUM Chris Moses Newmark Moses Tucker Partners Principal, President & CEO 501.376.6555 cmoses@newmarkmtp.com

5PROPERTY PICTURESFortune Inn – Newport, AR

Page 6: FORTUNE INN & SUITES OFFERING MEMORANDUM...FORTUNE INN & SUITES OFFERING MEMORANDUM Chris Moses Newmark Moses Tucker Partners Principal, President & CEO 501.376.6555 cmoses@newmarkmtp.com

6REGIONAL MAPNewport, AR

Malcolm Ave. or

Highway 367 -

14,000 VPD

SITE

Highway 69 –

5,000 VPD

11,000 VPD

Page 7: FORTUNE INN & SUITES OFFERING MEMORANDUM...FORTUNE INN & SUITES OFFERING MEMORANDUM Chris Moses Newmark Moses Tucker Partners Principal, President & CEO 501.376.6555 cmoses@newmarkmtp.com

7LOCATION MAPNewport, AR

SITE

Malcolm Ave. or

Highway 367 -

14,000 VPD

11,000 VPD

Page 8: FORTUNE INN & SUITES OFFERING MEMORANDUM...FORTUNE INN & SUITES OFFERING MEMORANDUM Chris Moses Newmark Moses Tucker Partners Principal, President & CEO 501.376.6555 cmoses@newmarkmtp.com

8AERIAL MAPNewport, AR

SITEMalcolm Ave. or

Highway 367 -

14,000 VPD

Page 9: FORTUNE INN & SUITES OFFERING MEMORANDUM...FORTUNE INN & SUITES OFFERING MEMORANDUM Chris Moses Newmark Moses Tucker Partners Principal, President & CEO 501.376.6555 cmoses@newmarkmtp.com

9DEMOGRAPHICSNewport, AR

DEMOGRAPHICS 1-Mile 3-Mile 5-Mile

Total Households 1,365 3,035 3,737

Total Population 2,926 6,784 9,943

Persons Per Household 2.1 2.2 2.2

Average Household Income $49,406 $46,649 $49,043

Daytime Population 1,882 3,311 4,139

Average Age 42.5 41.2 39.9

Average Age Male 39.6 38.3 37.6

Average Age Female 44.8 43.8 42.0

Page 10: FORTUNE INN & SUITES OFFERING MEMORANDUM...FORTUNE INN & SUITES OFFERING MEMORANDUM Chris Moses Newmark Moses Tucker Partners Principal, President & CEO 501.376.6555 cmoses@newmarkmtp.com

Chris MosesNewmark Moses Tucker PartnersPrincipal, President & [email protected]

Ryan LasiterLasiter Real EstatePrincipal, Partner & [email protected]

WWW.NEWMARKMTP.COM

Newmark Moses Tucker Partners & Lasiter Real Estate represents the owner of the property represented herein. Although all information furnished

regarding property for sale, rental, or financing is from sources deemed reliable, such information has not been verified and no express representation is

made nor is any to be implied as to the accuracy thereof and it is submitted subject to errors, omissions, change of price, rental or other conditions, prior

sale, lease or financing, or withdrawal without notice and to any special conditions imposed by our principal.