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Hawthorn Suites - Cedar Rapids, Iowa
Property Summary
| Location | 4444 NE Czech Lane (I-380 exit 23) Cedar Rapids, Iowa |
| Price | $5,200,000 |
| Rooms | 82 |
| Price Per Key | $63,195 |
| Property Type | Transient/Extended Stay |
| Revenue | $1,877,464 T-12 ending 03-09 |
Contact Listing Broker for More Details
Executive Summary
This property produces over $20,000/key revenue, but still does not equal its competitive set, in occupancy, ADR, and room revenue. Its direct competitor, Residence Inn, is known to significantly outperform the subject even though the Hawthorn is comparable in quality.
A moderate renovation plan and remarketing of the hotel should strengthen the property within its competitive set in occupancy and ADR. Or with the rapid escalation of construction costs, this property can possibly converted to Staybridge or Hyatt Place be and still be under costs for new construction. In addition, the property has strong underlying base of business that should provide confidence to a new owner.
Although the partnership has been satisfied with the performance of the hotel, the divergent interests of several partners prompts the property to be offered for sale.
OTHER INFORMATION:
Hotel photos and descriptions are found at: www.leisurehotel.com
City information can be found at:
www.cedar-rapids.com – Convention – Visitors Bureau
www.cedarrapids.org – Chamber of Commerce
Hotel Description
- This 82 unit Hawthorn Suites, Ltd. is well positioned off of I-380 near Collins Avenue, which has become a major commercial and corporate corridor. The 4 story, all suite property features a pleasing and inviting sense of arrival for its guests, with its large portico, peaked parapets and design features that add contours and relief to the front elevation. The large lobby/breakfast area also contributes to the guestexperience in that it affords ample room for relaxation andleisure to its clients. This all suite property offers a good visibilityfrom I-380, the interstate corridor that divides Cedar Rapids and connects to I-80 to the south. A significant amount of thenew development, in north Cedar Rapids, is found along Collins Avenue. Each suite offers a microwave, fridge and coffee maker, with some suites offering kitchenettes. The room mixfeatures studio, one bedroom & two bed room accommodations, many with sofa sleepers.
DETAILS: - Wet Areas or Kitchenettes
- All Suites (Some With Whirlpool Tubs)
- Guest Laundry
- Sofa Sleepers
- Hot Complimentary Breakfast
- Indoor Heated Pool/Whirlpool
- SpaFitness Center
- High Speed Internet Access (Wireless)
- Keyless Entry
- Convenience Shop
Contact Leisure Real Estate
|
913-894-5252 info@leisurerealestate.com |
