|Address||1332 Park Plaza Drive , O'Fallon IL 62269 (view map)|
|Price Per Key||64,557|
|Property Type||Mid market extended stay|
|Revenue||Call for CA|
This 79 key all suites extended stay hotel is located in one of the higher growth areas in the St. Louis MSA. The surrounding interchanges have experienced substantial new development, including a new 144 bed hospital, St. Elizabeth’s. Memorial Hospital is also building a 94 bed facility in O’Fallon. BJC Healthcare has also purchased 111 acres nearby. Hospitals don’t build unless there is growth in the area. The Candlewood is recovering nicely from the loss of business due to Scott Air Force Base's effort to move its room nights back to the base. Right now, only a small percentage of the Candlewood business comes from the base and it has become more of a corporate hotel. This extended stay business model has no pool or continental breakfast, which provides for cost savings and reduced maintenance.
Only 17 miles from downtown St. Louis with demand generators such as the St. Louis Arch, St. Louis Zoo, City Museum, Busch Stadium (home of the St. Louis Cardinals), Science Center and an endless list of entertainment options, St. Louis is a top 20 MSA based on population and O’Fallon is benefitting as a growing suburban market. The property is near the GCS Stadium, the Grizzlies Minor League Baseball Park.
Even with the PIP expense included, the total investment is substantially less than today's replacement costs. With increasing revenue and net income, an interstate location, its proximity to downtown St. Louis and the surrounding growth, this hotel is on the path to a very nice investment. If you are searching for these qualities in a hotel acquisition, this offering deserves your evaluation. This hotel is being offered with the nearby Holiday Inn Express as a portfolio. However, the Candlewood can be purchased separately and individual offers are encouraged..