URKE MANSION ED & REAKFAST OFFERING MEMORANDUM€¦ · electrical, plumbing, HVA, kitchen(s) and...

BURKE MANSION BED & BREAKFAST OFFERING MEMORANDUM 1085 Georgia Ave * Macon, GA 31201

Wendy Pierce 478-746-9421 478-335-1254 [email protected]

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commercial.fickling.com 577 Mulberry St, Suite 1100 * P.O. Box 310 * Macon, GA 31202 | Phone (478) 746-9421 | Fax (478) 742-2015

This information is from resources deemed to be reliable, no warranties or guarantees for accuracy are made by Fickling and Company

Ciara Hernandez 478-746-9421 478-250-2310 [email protected]

OFFERING

On behalf of our client, Fickling & Company, Inc. is pleased to offer for sale Burke Mansion, luxury TURNKEY five unit Bou-tique Bed and Breakfast (the “Property”) located at 1085 Georgia Avenue in the heart of historic downtown Macon, Geor-gia. The Property is the only true Bed & Breakfast in Macon offering an experience to its guests unmatched in Middle Geor-gia. The property currently operates with five units and boasts a Five-Star rating from TripAdvisor. The Property has the potential for up to 11 units with minor changes to its current layout. Each of the 3 floors has approximately 4,400 sf of living area. The third floor could be finished out to create additional suites for guests or to create a new owners quarters (which would be over 4,000 sf of living space!). The Seller is including a one year CVB membership and Historic Macon membership with the sale of Burke Mansion. They will also work with the incoming buyer and proprietor to obtain a continued Conditional Use Permit for the continued operations of Macon’s only Bed and Breakfast. This unique sale property offers its buyer the opportunity to operate an upscale, turnkey profitable Bed & Breakfast business with the ability to live onsite. Only 75 minutes south of Atlanta and located logistically in the center of the state, Macon is a hot spot for day trippers, business travelers, and snowbirds heading south to Florida from the Northeastern U.S. It is also the natural stopping point for travelers North of Atlanta heading to Disney World, Sea World and other Florida and Southwestern Georgia coastal towns. Over 1,000,000 travelers come through the I-75 and I-16 corridor annually both interchanges of which are less than a few minute drive to Burke Mansion. Visitors who travel to Macon every year to enjoy its rich history, beautiful architecture, soulful music heritage and such venues & events as Macon’s International Cherry Blossom Festival, Ocmulgee Indian Mounds, Georgia Sports Hall of Fame and the Tubman Museum often require overnight accommodations as they stay at least one night if not multiple nights.

PROPERTY LOCATION

Burke Mansion is located in the heart of historic downtown Macon, Georgia. Less than ¼ of a mile from both Interstate 75 and Interstate 16, the Property is ideally located to serve the more than a million travelers coming through Macon annually. The Property is minutes from Navicent Medical Center, Navicent Children’s Hospital, Mercer University, Mercer Law School, Mercer Medical School and is a short walk to many downtown venues.

BURKE MANSION BED & BREAKFAST 1085 Georgia Ave Macon, GA 31201


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PROPERTY BRIEF Burke Mansion was originally built in 1887 by Thomas C. Burke, known as the “Merchant Prince”, as a single family residence for his family. The Property was originally designed in 1887 by architect DB Woodruff, expanded in 1905 and then remodeled in 1917 by architect Neil Reid, at which time the first residential elevator in Macon was installed. The ground floor has 13’ ceilings, rich moldings, stunning par-quet floors and much of the original hardware. The main stair case has rich ornamentation and is quite charming. Major J. Morris Bivings Cottage (the former carriage house) located just to the east of the main house, was renovated initially in 1978 to a residence and then a complete rebuild in 2014 to the upscale living quarters or rental unit.

Burke Mansion was listed on the National Register of Historic Places as a Level 1 for Architectural and historical significance (other Level 1 ratings in Ma-con include the Hay House, lovingly nicknamed “Palace of the South” and St. Joseph’s Catholic Church) in 1971 and is still said to be one of the finest examples of Queen Anne Victorian Architecture in the country.

In 2006 it was purchased by its current owners as a family residence with the dream of opening an upscale boutique B&B. After years of planning and research, the owners began the process of converting the property to a Bed and Breakfast by making significant property improvements. The Property’s electrical, plumbing, HVAC, kitchen(s) and other systems were all updated and brought to current code. The bathrooms were all remodeled with mod-ern tub/baths, showers and fixtures. In 2016 the current proprietors realized their dream and Macon’s first, and still only, Bed and Breakfast opened!

Burke Mansion, the only 5-star Bed & Breakfast in Middle Georgia, now offers five uniquely decorated guest suites, all in keeping with the Property’s rich his-toric significance. Each suite at The Burke Mansion is decorated in its own unique and elegant style, and have distinct amenities and features such as antique claw-foot tubs, Jacuzzis, chandeliers, verandahs, and modern marble walk-in showers. Every room includes Complimentary Wi-Fi, charging station for electron-ics, bottled water, newspaper, made to order breakfast, Hors d’ oeuvres reception, evening dessert and coffee, turn down service, L’Occitane en Provance bath amenities, use of two robes, 1200 thread count bed linens, large flat screen TVs, iron and ironing board and black out drapes.





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PROPERTY BRIEF (CONT’D)

The Property is only one of two locations in Macon that offer its guests the use of a TESLA Supercharger and is a member of TESLA charging program. They also offer their guests use of a standard universal auto charger for vehicles such as a Chevrolet Volt, Toyota Prius, etc.). Burke Mansion also comes equipped with a Little Hotelier front desk system, Vonage business phone system, ADT security system and is the only L’Occitane approved property in Middle Georgia. Burke Mansion has received prestigious awards such as the Certificate of Excellence award for 2016 and 2017 from Trip Advisor and the Guest Review Award for 2016 was 9.8 out of 10 and in 2017 9.9 out of 10 from Booking.com. Located in the heart of the Historic Intown District, the Property sits in the heart of the historic district in one of the distinctive Intown neighborhoods which compliments this beautiful Boutique Bed & Breakfast. Complimentary liquor, refreshments and snacks are served to guests in the parlor as they arrive. Burke Mansion offers its guests lavish public rooms and distinctive suites. Guest are invited to enjoy a hearty breakfast in the elegant dining room, sip wine from the Mansion’s cellar with tasty hors d’ oeuvres served during the evening reception held in the Mansions Double Parlor and after a long day of exploring this Historic City, can enjoy sweet nibbles from their very own Burke Mansion Bakery. The main house comes equipped with commercial washers and dryers, a Viking commercial kitchen, generous operating and storage spaces and 7 onsite parking places. The main house can accommodate up to 11 suites with approximately 4,400 sf of living space on each of its 3 floors (the third floor is unfinished but has the potential for a large owner’s living quarters) and boasts 12 beautiful fireplaces. The Cottage consists of approximately 1,900 sf with an open den to the handicap accessible Viking kitchen, vaulted ceilings, 2 fireplaces, private dining room, 3 bedrooms (or 2 bedrooms with one office) upstairs including a large master suite with private bath and laundry room. Please refer to the Burke Mansion website www.burkemansion.com for numerous photos, room features, history and current reservation information.





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MARKET POSITION

According to data compiled by Smith Travel Research (“STR”) and other sources, there are over 5,500 hotel rooms in the City of Macon.

Macon’s market performance over the past 12 months has seen an overall increase of over 6% in occupancy rates. YTD (1Q 2018), occupancy is as high as it has been in the past 4 years with an increase of more than 8% over last year. Beginning in August of 2017, and every month since that time, Macon has seen increases year over year in occupancy rates ranging from 1% to nearly 30% with no decreases. In that same time period, both ADR and RevPAR have also both been trending higher year over year.

Burke Mansion’s has shown an increase in average occupancy year over year since it opened in 2016 with average occupancy from March-Dec 2016 (of which during this time the Property was closed a total of 30 days for owner vacations, etc.) being 49%. Calendar year 2017 reflects an increase in average occupancy of nearly 15% to 62% (of which during the calendar year the Property was closed a total of 45 days for owner vacations, etc.). First quarter 2018 in trending for a record year in occupancy increase for the Property with average occupancy of 69% Jan-March (with the Property closed for approximately 31 days during this time for owner travel). As of the end of the first quarter 2018, Burke Mansion was already starting to book into 2019.

Macon’s hospitality market ADR is up almost 3% in the last 12 months (2017) and RevPAR up more than 9% in last 12 months (2017). In the past 3 years, Ma-con’s ADR and RevPAR have increased by more than $10.00. Year to date, Macon has seen the highest increases in both occupancy and RevPAR as compared to a statewide comparative set. And with only a little over 2 years operating history, Burke Mansion has seen continued growth in occupancy and gross profit and enjoys sustained occupancy year round without the interruption of declining occupancy due to ‘seasonal’ occupancy. Average daily rate for Burke Mansion is currently $189 for one room or $239.00 for two rooms. 2019 average daily rate is in line with market increases and is currently being advertised for $189/night for one room or $249/night for two rooms.

According to a study complied by Longwoods International, Macon saw approximately 10.1 million person trips in 2016. Of this total, 38% were overnight trips that generated $331.4 million in visitor spending (35% of which was for lodging). The study shows the average number of nights spend in Macon by the visi-to0rs was 2.1, with 6% of the visitors staying in a bed and breakfast (which is above the national average of 5%). The research report also found that the top two state markets for Macon were Georgia and Florida. The top visitor sources in these 2 states were Atlanta, Macon, Tampa, Jacksonville and Savannah. Due to its ideal location and proximity to both I-75 and I-16, this puts Burke Mansion in the perfect position to continue tapping into this visitor stream.





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MARKET POSITION

Market mix for Burke Mansion is a very neutral mix of in-state clientele, US visitors and international visitors that include visiting Mercer University and

Wesleyan College parents, attorneys on business to the local courts, Navicent and HCA Coliseum medical center business associates, pharmaceutical reps and

guests visiting the many sites and rich cultural venues in Macon.

Burke Mansion has consistently been ranked by reviewers as #1 of the 5 B&B’s or Inn’s in Middle Georgia and one of the best B&B’s in the State

(https://www.tripadvisor.com/Hotel_Review-g60920-d10069393-Reviews-or5-Burke_Mansion-Macon_Georgia.html).

Burke Mansion’s strategic market advantages include:

• It is an irreplaceable historic asset that cannot be duplicated in Macon

• Best location in historic downtown

• Walking distance to dozens of shops, restaurants and bars

• First and only B&B in Macon

• Excellent goodwill and repeat clientele





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INFORMATION

ADDRESS: 1085 Georgia Ave

Macon, GA 31201

ASKING PRICE: REDUCED! Call Agent for Details

BUILDING SIZE: 11,000 SF Main House (3 stories approx.

4,400 sf per floor; 3rd floor unfinished)

1,836 SF Carriage House

LOT SIZE: .33 Acres

ROOMS: 5 Units

FLOORING: Hardwood

FIREPLACES: 12 in Main House; 2 in Carriage House

PARKING: 7 spaces plus street parking

TAXES (2017): $11,009

COUNTY: Bibb

ZONING: HR-3 with conditional use permit for B&B

SECURITY SYSTEM: ADT

PARCEL #: Q074-0038

OCCUPANCY 2017: 62% (with Property Closed 45 days

for owner time off)

YEAR BUILT: 1887 & 1920

YEAR B&B OPENED: 2016

UTILITIES: Electric, Water & Sewer, Natural Gas,

Cable, Internet, and Telephone

ANNUAL TRAFFIC: I-16 @ Spring Street 1,047,600

I-75 @ Hardeman 963,600





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The entry hall and hallways at Burke Mansion are very elegant

and is the first residential house in Macon to install an elevator.

The large front porch is great for relaxing and dining in season.





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The richly colored and stylishly living

room and the dining room with guest

refreshment station are beautiful

indoor common areas for the guests.





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The staff kitchen, dining room and pantry lend the

ability to serve the guests complimentary Chef pre-

pared hearty southern breakfast, evening reception

and hors d’ oeuvres, and late night Aperitifs and des-

serts. Burke Mansion is also equipped to handle

events big and small.





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Each room at The Burke Mansion is decorated in

its own unique and elegant style, and have distinct

amenities and features such as antique claw-foot

tubs, Jacuzzis, chandeliers, verandahs, and modern

marble walk-in showers.

Martina & Mae Suite

Mary Burke Suite

T. C. Burke Suite





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Major J Morris Bivings Cottage

The cottage, located behind the main inn, is a two

story delight with vaulted ceiling living room, Viking

kitchen, cozy dining area, three bedrooms and two

baths. There is a beautiful outside seating area as

well as a small courtyard between the main house

and the cottage.





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Burke Mansion features 28 stained glass windows

(considered “art glass”) located all throughout da-

ting as far back as 1887. Amenities in-

clude L’Occitane toiletries, Wine & Hors d’oeuvres,

Turndown Service and Complimentary Wi-Fi.




URKE MANSION ED & REAKFAST OFFERING MEMORANDUM€¦ · electrical, plumbing, HVA, kitchen(s) and...

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