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