Des Moines area hotels do not come on the market often. This recently renovated Econo Lodge in the suburb of Urbandale features a solid increase in both ADR and RevPar in 2016. Revenues continue to increase, making this hotel ready to cash flow for an owner operator. Priced at less than 3X the T-12 RR!
This Econo Lodge is located in the Des Moines suburb of Urbandale. Des Moines, the capital of Iowa, is a growing city with many demand generators. Drake University, Des Moines University, Adventureland USA, the State Capital & Civic Center are all close by. Also, annual events such as the Iowa State Fair, World Pork Expo & Iowa State Wrestling Championships draw a huge amount of traffic to the area. About 20% of the business is done through extended stay customers. The hotel is priced under 3X the T-12 RR of $475,000!
This 59-room, 2-story, exterior corridor property, has been recently renovated. NEW case goods, bedding, drapes, art work and exterior paint were completed in 2016. 80% of the guestrooms have new beds and 60% have new PTAC units. There is also a very nice Manager’s Quarters on site.
In closing, this Econo Lodge provides increasing revenue and cash flow in a very strong hospitality market. For these reasons it would be worth making a trip to Des Moines.