Real Estate Investment Summary - Integrated Services...Real Estate Investment Summary Super 8 Hotel,...
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Real Estate Investment Summary Super 8 Hotel, 121 Berlin Road, Cromwell, CT 40,584± SF – 112 ROOM HOTEL ON I-91 & Rt. 372 IN CROMWELL, CT SEALED BID SALE – Bids Due Friday, July 17, 2015 by 3:00 PM Sale includes ongoing business and all equipment
Transcript of Real Estate Investment Summary - Integrated Services...Real Estate Investment Summary Super 8 Hotel,...
Real Estate Investment Summary Super 8 Hotel, 121 Berlin Road, Cromwell, CT 40,584± SF – 112 ROOM HOTEL ON I-91 & Rt. 372 IN CROMWELL, CT SEALED BID SALE – Bids Due Friday, July 17, 2015 by 3:00 PM Sale includes ongoing business and all equipment
PAGE 2 - Super 8 Hotel, 121 Berlin Road, Cromwell, CT 06416 While the information contained herein has been obtained from sources deemed to be reliable, no guarantee is made as to its accuracy. www.orlcommercial.com
Table of Contents
1.0 ................................................. Investment Summary 2.0 ................................................... Demand Generators 2.1 .............................................. Demand Generators 2.2 ............. Proposed FedEx Hartford Courant Article 2.3 ...................... Surrounding Area Aerial with Traffic 3.0 .................................................... Property Highlights 2.1 .................................................... Property Photos 2.2 ........................................................ Assessor Map 2.3 ............................................... Location Aerial Map 2.4 .......................................... Regional Location Map 4.0 .............................. Market Overview & Comparables 4.1 ....................................................... Demographics 4.2 ................ Competitive Set & Penetration Analysis 4.3 ............................................. Competitive Set Map 4.4 ................................................. Comparable Sales APPENDIX ........ Additional Files Available via Dropbox
SEALED BID SALE Bids Due
Friday July 17, 2015 by 3PM
Scan the QR Code below with a barcode scanner on your smart phone to access our website.
Connect with us:
For more information contact:
Carol Karney 860-761-6015
Jeffrey K. Sikes 860-761-6011
2340 Silas Deane Highway, Rocky Hill, CT 06067 Tel: (860) 721-0033 • Fax: (860) 721-7882
2 Summit Place, Branford, CT 06405 Tel: (203) 488-1555 • Fax: (203) 315-4046
www.orlcommercial.com
To save on paper we have uploaded all of the confidential documents into a secure Drop Box account.
In order to view the confidential information you must return a signed Confidentiality Agreement including a valid e-mail address
to [email protected] at O,R&L Commercial. O,R&L Commercial will then in turn e-mail you
a link to the drop box account. The confidential documents are for viewing purposes only and
may not be downloaded or printed. Thank you.
PAGE 3 - Super 8 Hotel, 121 Berlin Road, Cromwell, CT 06416 While the information contained herein has been obtained from sources deemed to be reliable, no guarantee is made as to its accuracy. www.orlcommercial.com
Investment Summary
Super 8 Hotel, 121 Berlin Road, Cromwell, CT 06416
O,R&L Commercial is pleased to submit for your consideration the following Real Estate Investment Summary for a 40,584± SF Hotel / Hospitality Building on 4.5± acres located at 121 Berlin Road in the town of Cromwell, Connecticut including the business and all equipment.
Property Super 8 Cromwell is a 112 room, three story interior corridor hotel. It is comprised of 43 Double Double rooms, 33 Queen rooms, 27 King rooms, 5 large suites with 2 beds and pull out couch, 2 small suites with three beds, and 2 two-room suites, one with a kitchenette. The hotel opened in 1988 and the property is zoned HB (Highway Business). The site is located directly at exit 21 off I-91 at the intersection with Route 372 (see enclosed aerial photograph p.6).
Franchise Summary The Super 8 franchise was extended for twenty years effective September 9, 2014. The Wyndham Hotel Group has also approved this property for upgrade to a Baymont Inn and Suites and has waived the transfer fee typically applicable. The executed Franchise Agreement, Property Improvement Plans for both the Super 8 and Baymont as well as the transfer authorization letter are available at the secure Drop Box with an executed Confidentiality Agreement.
Room Type # of Rooms % of Total
Double Double 43 38%
Queen 33 29%
King 27 24%
Large Suite – 2 beds, couch 5 4%
Small Suite – 3 beds 2 2%
Two Room Suite 1 1%
Two Room Suite w/ kitchen 1 1%
Total 112 100%
Super 8 Motel Investment Overview
Address 121 Berlin Road
City, State Cromwell, CT
Guest Rooms 112
Open Date 1988
Gross Building Area 40,584± SF
Land Size 4.5± acres
Food and Beverage Complementary Buffet Style Hot Breakfast
Ownership Steven J. Gorss
Franchise/Brand Wyndham / Super 8
Management Steven J. Gorss
Amenities
Business Center
Conference Room
Breakfast Area
Vending Machines
Free Wi-fi
HD Flat Screen TVs
Parking 93 Parking Spaces 11 Tractor Trailer Spaces
Parcel Number Map ID 01/4/6-1/ 00526600
PAGE 4 - Super 8 Hotel, 121 Berlin Road, Cromwell, CT 06416 While the information contained herein has been obtained from sources deemed to be reliable, no guarantee is made as to its accuracy. www.orlcommercial.com
Demand Generators
Strategic Location The Cromwell Super 8 Hotel is strategically located at the intersection of Route 372 and
Industrial Park Road in Cromwell, CT. The exit 21 ramp from Interstate 91 South brings you to this intersection at a traffic light with a prominent view of the Super 8 Hotel.
Exit 20 on Interstate 91 is the next exit to the North that provides excellent access to the Route 9 Connector. This Connector provides strategic access to Interstate 84 and the Western workforce of Hartford, CT. Please reference the attached location map on page 13.
Proximity FedEx Ground is now under contract (Purchase and Sale Agreement) for the
development of a Regional Distribution Facility at the 239± acre former Aetna Office Campus. This proposed development site is adjacent to the Subject Super 8 Cromwell Hotel. Applications have been filed with the Inland Wetlands Commission.
Enclosed is a Master Site Plan for the FedEx Distribution Facility and an aerial photograph showing the proximity of the development site, as well as an article from the Hartford Courant on the next page (Page 5) discussing the project.
Potential Renovation and Flag Upgrade The Cromwell Super 8 Hotel has a strategic ongoing option for upgrading the flag to a
Baymont Hotel that is part of the Wyndham Hotel Group
Golf Generator The Travelers TPC Golf Championship is a significant generator for the Cromwell Super
8 Hotel. The Travelers Insurance Company is the main sponsor for this annual golf event at the River Highland TPC in Cromwell, CT. This event is scheduled for June 25th through June 28th for 2015.
Traffic Counts Traffic counts for Interstate 91, Route 372, Route 9 Connector and Route 15 (Berlin
Turnpike) are as follows: o Interstate 91 = 113,900 ADT o Route 372 = 25,500 ADT o Route 9 Connector = 49,900 ADT o Route 15 Berlin Turnpike = 27,700 ADT
Please reference the attached map on page 6 for the proximity to Exit 21 on Interstate 91 which is the location of the Super 8 Hotel in Cromwell, CT.
Proposed FedEx Distribution Facility Master Plan Subject Property
121 Berlin Road
PAGE 5 - Super 8 Hotel, 121 Berlin Road, Cromwell, CT 06416 While the information contained herein has been obtained from sources deemed to be reliable, no guarantee is made as to its accuracy. www.orlcommercial.com
Demand Generators
Hartford Courant Article Published May 23, 2015 regarding Proposed FedEx Distribution Facility
PAGE 6 - Super 8 Hotel, 121 Berlin Road, Cromwell, CT 06416 While the information contained herein has been obtained from sources deemed to be reliable, no guarantee is made as to its accuracy. www.orlcommercial.com
Demand Generators Surrounding Area Aerial With TrafficArea Demand Generators
within 15 miles:
Business
▪ FedEx Regional Distribution Facility
▪ Aetna Global Network Data Center
▪ Anthem Blue Cross Blue Shield Health
▪ Armed Forces Reserve Center
Music / Sports / Golf
▪ Tournament Players Club River Highlands Golf
▪ Comcast Theater
▪ Hartford XL Center
▪ Rentschler Field UCONN Huskies
Education
▪ Central CT State University
▪ Wesleyan University
▪ Trinity College
▪ St. Joseph’s College
Airport
▪ Brainard Airport
Recreation
▪ Dinosaur State Park
PAGE 7 - Super 8 Hotel, 121 Berlin Road, Cromwell, CT 06416 While the information contained herein has been obtained from sources deemed to be reliable, no guarantee is made as to its accuracy. www.orlcommercial.com
Property Highlights
Interior Room Photos
PAGE 8 - Super 8 Hotel, 121 Berlin Road, Cromwell, CT 06416 While the information contained herein has been obtained from sources deemed to be reliable, no guarantee is made as to its accuracy. www.orlcommercial.com
Property Highlights Assessor Map
PAGE 9 - Super 8 Hotel, 121 Berlin Road, Cromwell, CT 06416 While the information contained herein has been obtained from sources deemed to be reliable, no guarantee is made as to its accuracy. www.orlcommercial.com
Property Highlights Aerial
EXIT 21
PAGE 10 - Super 8 Hotel, 121 Berlin Road, Cromwell, CT 06416 While the information contained herein has been obtained from sources deemed to be reliable, no guarantee is made as to its accuracy. www.orlcommercial.com
Property Highlights Regional Location Map
CROMWELL
BOSTON
HARTFORD
NEW YORK
Regional Assets:
Strategically located In Central Connecticut
Within 15 minute commute to Hartford
Within 30 minute commute to New Haven
Within 2 hours of
▪ New York – 92 miles
▪ Boston – 110 miles
▪ Providence – 102 miles
0.4± miles to I-91 EXIT 21
Many area amenities
Shopping
Banking
Dining
PROVIDENCE
NEW HAVEN
PAGE 11 - Super 8 Hotel, 121 Berlin Road, Cromwell, CT 06416 While the information contained herein has been obtained from sources deemed to be reliable, no guarantee is made as to its accuracy. www.orlcommercial.com
Market Overview & Comparables Demographics
0
PAGE 12 - Super 8 Hotel, 121 Berlin Road, Cromwell, CT 06416 While the information contained herein has been obtained from sources deemed to be reliable, no guarantee is made as to its accuracy. www.orlcommercial.com
Market Overview & Comparables Competitive Set – STR Report
Hotel Name Address City, State Year Built Number of Rooms Distance to Subject
1 Subject Property Super 8 Cromwell
121 Berlin Road Cromwell, CT 1988 112 rooms 0 miles
2 Super 8 Rocky Hill 1499 Silas Deane Highway Rocky Hill, CT 1966 48 rooms 6.6 miles
3 Comfort Inn Wethersfield 1330 Silas Deane Highway Wethersfield, CT 1969 108 rooms 6.8 miles
4 Motel 6 Hartford
Wethersfield 1341 Silas Deane Highway Wethersfield, CT 1984 144 rooms 6.8 miles
5 Days Inn Berlin 2387 Berlin Turnpike Berlin, CT 1970 68 rooms 4.3 miles
6 Quality Inn Cromwell 111 Berlin Road Cromwell, CT 1978 59 rooms 0.3 miles
7 Howard Johnson Express
Rocky Hill 1760 Silas Deane Highway Rocky Hill, CT 1967 33 rooms 6.6 miles
8 Best Western Plus New
England Inn & Suites 2253 Berlin Turnpike Berlin, CT 2002 57 rooms 4.5 miles
9 Comfort Inn & Suites
Meriden 900 E Main Street Meriden, CT 1989 ren 2005 104 rooms 7.1 miles
Penetration Analysis
Financials 3 Years Trending Quarter to Quarter Comparison
2012 2013 2014 1st Half 2014 1st Half 2015
Occupancy 44.81% 40.97% 39.45% 37.70% 40.72%
Average Daily Rate $55.82 $59.92 $57.60 $56.71 $59.83
Room Revenue $1,017,607.86 $1,001,926.01 $919,646.37* $433,370.92 $477,167.88
Projected Year End $1,012,500.00
*2014 room revenue was depressed during franchise re-negotiations when the hotel was not participating in the Super 8 on-line booking system for two months.
PAGE 13 - Super 8 Hotel, 121 Berlin Road, Cromwell, CT 06416 While the information contained herein has been obtained from sources deemed to be reliable, no guarantee is made as to its accuracy. www.orlcommercial.com
Market Overview & Comparables Competitive Set – STR Report Map
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3 4
7
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PAGE 14 - Super 8 Hotel, 121 Berlin Road, Cromwell, CT 06416 While the information contained herein has been obtained from sources deemed to be reliable, no guarantee is made as to its accuracy. www.orlcommercial.com
Market Overview & Comparables Sales Comparables
Photo Hotel Name & Address Distance
to Subject Year Built
Number of Rooms
Sale Date Sales Price Price/Unit
1
Holiday Inn Express 185 Brainard Road
Hartford, CT 10.7 miles 1974 129 rooms April 2014 $4,000,000 $31,008
2
Executive Inn Meriden 896 E Main Street
Meriden, CT 7.1 miles
1964 97 rooms August 2013 $3,100,000 $31,959
Comfort Inn*
900 E Main Street Meriden, CT
ren 2005 104 rooms December
2014 $4,500,000 $43,269
3
Hampton Inn 10 Bee Street Meriden, CT
7.3 miles 1998 124 rooms May 2013 $4,250,000 $34,274
4
Days Inn 30 Laning Street Southington, CT
15.7 miles 1979 70 rooms September
2012 $2,425,000 $34,643
5
Super 8 7 Kimberly Avenue West Haven, CT
28.5 miles 1960 82 rooms April 2012 $2,900,000 $35,366
Su
bje
ct P
rop
erty
Super 8 Cromwell 121 Berlin Road Cromwell, CT
0 Miles 1988 112 rooms TBD
2012 Town
Appraised Market Value $3,532,900
TBD
*STR Competitive Set
PAGE 15 - Super 8 Hotel, 121 Berlin Road, Cromwell, CT 06416 While the information contained herein has been obtained from sources deemed to be reliable, no guarantee is made as to its accuracy. www.orlcommercial.com
Appendix Additional Files Available on Dropbox
PAGE 16 - Super 8 Hotel, 121 Berlin Road, Cromwell, CT 06416 While the information contained herein has been obtained from sources deemed to be reliable, no guarantee is made as to its accuracy. www.orlcommercial.com
Appendix Additional Files Available on Dropbox
cont.
PAGE 17 - Super 8 Hotel, 121 Berlin Road, Cromwell, CT 06416 While the information contained herein has been obtained from sources deemed to be reliable, no guarantee is made as to its accuracy. www.orlcommercial.com
Appendix Additional Files Available on Dropbox
