NEW Opportunistic PRICE at less than $75K per key!!!  This 80 key premium branded Courtyard is now being offered at less than 60% of replacement cost.    The Courtyard’s RevPAR is 25% less than the adjacent Hilton products (Hampton & HGI), which opens the door to upside after the PIP renovation.  The PIP is available for review.  Even with the cost of the PIP factored in, the “all-in” cost of the project will be 40% less than new construction.  

Executive Summary

NEW OPPORTUNISTIC PRICE

Since 2005, this 80 key Courtyard by Marriot has been a consistent leader in the Salina hotel Market. This is an opportunity to purchase one of this market’s higher performing hotels, at cost well below replacement, even with the cost of PIP included. It is being brought market as a portfolio, together with one other nearby premium brand.  It is now offered individually.  This hotel offers an ideal location just off I-135, a major north-south interstate that connects the center of Kansas to I-35 (with I-70), and north to I-80.  As a result of the intersection of these interstates, Salina serves as the industrial, medical, retail, trade and service hub for north central Kansas. The hotel has easy access to many shops and restaurants as well as the Salina Municipal Airport providing service to Denver International Airport.  Wichita, Kansas and Kansas City are 95 and 175 miles away, respectively.

The City of Salina is located in north central Kansas, near the geographic center of the contiguous United States. It is the seventh largest city in Kansas with an estimated population of 50,000. The city is the county seat for Saline County, which has an estimated population of 55,000. The junction of Interstates 70 and 135 on the NW section of Salina are significant factors in transient and business traffic.

Salina enjoys a diverse economy that includes several manufacturing interests both large and small, a strong agricultural economy that supplies local food processors and beverage makers and creates strong demand for industries such as agricultural equipment manufacturing. Kansas is also poised to become a leader in alternative energies, particularly solar and wind.

The Kansas State Aerospace and Technology campus is home to one of only 12 Federal Aviation Administration (FAA) research facilities in the country – is preparing its students for almost any job in the aviation and aeronautics industries with a robust set of programs that include: Unmanned aircraft systems (UAS) flight and operations.  Kansas Wesleyan University is another 4 year private university in Salina.

Notable Demand Generators:

  • Schwan’s Global Supply Chain- Frozen Pizza Manufacturing  (Tony’s Pizza)
  • Excide Technologies- Automotive Battery Manufacturer
  • Phillips Lighting- Lighting Manufacturer
  • Solomon Corporation
  • Great Plains Manufacturing
  • Eldorado National- Bus Manufacturer
  • Crestwood, Inc
  • Tony’s Pizza Events Center (a newly renovated 6,500 seat multipurpose arena and 18,000 sq. ft. convention center)

NEW Opportunistic PRICE at less than $75K per key!!!  This 80 key premium branded Courtyard is now being offered at less than 50% of replacement cost.

Property Details

Address
3020 Riffel Drive, Salina, KS 67401
Price
$5,990,000 
Rooms
80 
Price Per Key
74,875 
Property Type
Upper mid-scale select service 
Revenue
Call or email for CA 
Website

Hotel Description

  • 80 keys
  • Prime Interstate location
  • 12.9% Cap Rate before management fee 
  • Priced with PIP in mind at less than $75K per key, 60% below today’s replacement cost
  • RevPar is currently 25% below the nearby Hilton products and below its compset
  • Ownership transfer PIP is available
  • The completion of the PIP could reposition the Courtyard back to historical performance, at an “all-in” cost of less than 40% of today’s replacement
  • Historically, one of the market leaders, along with Hilton Garden Inn & Hampton
  • Close to several shopping areas and Salina Municipal Airport
  • Fee simple title and unencumbered by management

Scroll down and click on the “BUYER CA” icon to complete and submit the Confidentiality Agreement

Contact a Broker

Brent Jaynes

13000 W 87th St. Pkwy, Suite 108
Lenexa, KS 66215
Phone: 913-499-4731
Fax: 913-499-4771