ALL NEW ROOMS…..$500K in renovations last year means very small PIP, great performer with increasing revenue.
This Comfort Inn & Suites is like new inside, with nearly everything in the sleeping areas having been replaced in 2013. Therefore, the PIP is minimal and the capital requirements for the next 5-7 years should be minimal, too. This attractive offering produces a growing top line revenue and net income. The revenue has increased again in the 1st half of 2014.
The hotel is located near the US Hwy 69 By-Pass, which is the main route from KC to I-44 in Oklahoma, which then extends to Joplin, Springfield, Tulsa and OKC. Moreover, Pittsburgh, KS is a medium size town of 21,000 residents and is a very good business town, fueled in part by Pitt State University with approximately 7,100 students and over 1000 employees. Besides the students, the university also attracts a number of regional events, including conferences, high school athletics, and meetings related to the various Colleges within Pitt State. This hotel is ready to step into with little PIP expense and should create cash flow immediately for its new owner. The adjacent Holiday Inn Express is also being offered for sale.