MAJOR PRICE REDUCTION!!  BANK OWNED.  Offered at $15,625/key.  Former Best Western with 56 rooms, including restaurant and large meeting room.  Active community with population of 25,000 and home to Emporia State University.  Ability to re-position as studio apartments or keep in the hospitality sector.

Executive Summary

MAJOR PRICE REDUCTION!!

This​ ​56 ​key​ ​concrete​ ​and​ ​block​ ​property ​will​ ​serve​ ​as​ ​a​ ​solid​ ​foundation​ ​for​ ​the​ ​new​ ​flag​ ​and​ ​the​ ​new​ ​operator. ​ ​The​ ​property​ ​is​ ​located​ ​off I-35 on​ ​Hwy​ ​50​ ​in​ ​Emporia, Kansas.  Emporia is a town of 25,000 between Kansas City and Wichita.​ ​ This former Best Western is lender owned and has been closed since late 2017. ​ ​The​ ​lender​ ​is​ ​motivated​ ​to​ ​create​ ​a​ ​deal and has priced the hotel aggressively at $15,625/key. ​ ​

The​ ​property​ ​was previously a Best Western.  A conversion to the SureStay brand is an option, in addition to a Days Inn. ​ ​However,​ ​if​ ​one​ ​were​ ​to​ ​re-position​ ​the​ ​hotel,​ ​the​ ​lender​ ​has​ ​received​ a ​PIP ​for​ ​a​ ​Travelodge​ ​conversion. ​ This would be the most cost-effective path and opportunity exists for growth in the economy segment.  ​Another​ ​consideration​ ​would​ ​be​ ​to​ ​convert the back building to weekly/monthly extended stay lodging.  Of note is the fact that since this hotel closed, the only new hotel to open in Emporia is the Hampton Inn.

The hotel was originally built as a full-service hotel, with a restaurant and large meeting room.  The restaurant historically has been leased, so opportunity does exist for additional revenue.  Another option would be to convert the space to several apartments.  While the common areas of the hotel require renovation, the guestrooms are in surprisingly nice shape.  They include newer matching case goods, 32” LG flat screen TV’s, knockdown walls and updated lighting and artwork.  There is also a very spacious living quarters on-site that includes a full kitchen, two bedrooms and two full bathrooms.

Emporia has historically been a strong hospitality town, and it appears that with the right re-flag, renovation, and re-position, this property could succeed in either the economy or mid-scale categories.  Notable demand generators include:

  • Emporia State University – On campus enrollment of nearly 6000 students.   The university and campus has re-opened for the Fall 2020 semester and the re-opening plan can be found at: https://www.emporia.edu/covid-19-information/esu-fall-2020-return-campus/
  • Flint Hills Technical College
  • Newman Regional Health Center
  • Tyson Fresh Meats
  • Hostess Brands (bakery goods)
  • Fanestil Meats (processing plant)
  • Cargill Animal Nutrition
  • Hills Pet Nutrition

Property Details

Address
3021 West Highway 50, Emporia, KS 66801
Price
$875,000 
Rooms
56 
Price Per Key
$15,625 
Property Type
Limited Service 
Revenue
Bank Owned 
Website
 

Hotel Description

  • MAJOR PRICE REDUCTION – – Only $15,625/room!
  • Bank-owned 
  • Concrete block structure
  • Several flags available, including Surestay & Travelodge
  • Large parcel and ample parking, including truck parking
  • An abundance of usable space, including large courtyard, former restaurant and meeting room
  • 2-room whirlpool suites
  • Interior & exterior corridor
  • Indoor pool & spa
  • Flat Screen TV’s
  • Digital PTAC units
  • Spacious 2-bed, 2-bath living quarters on-site with full kitchen

Contact a Broker

Dave Jones

KS
Phone: 913-499-4725