This is an opportunity to purchase a newer premium branded hotel below replacement cost (when considering the CID reimbursements and the cost of the convention center). This beautiful Hilton Garden Inn offers an ideal location just off I-135, a major north-south interstate connecting Wichita (and I-35) to I-70 & then north to I-80. As a result 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 west 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.
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 University Aerospace & 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.
The hotel is the newest and most state of the art in the city. From electronically controlled door locks with guest smartphones, to sensor controlled thermostats which detect body temperature. The modern rooms all include the Garden Sleep System®, microwave and refrigerator.
This property benefits from a unique form of Kansas governmental assistance called Community Improvement District (CID). CID is a real estate economic development tool which can be used to finance public or private facilities, improvements and services within specific boundaries. It allows the owner to recoup approximately $4.5M in costs through an additional tax rebate that is charged to guests (2%) for a period up to 22 years. The CID reimbursements include revenue from the Hampton Inn and Courtyard, which are owned by the same owner, and allow the CID repayments to be paid back faster.
The attached Convention Center is “Class A” and is the most popular space in town. It can accommodate up to 550 guests in over 10,000 square feet. The center has hosted wedding receptions, trade shows, annual meetings, government groups, and numerous corporate functions- all accretive to the hotel’s revenues.
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)
This premium branded hotel is being offered as part of a two-property portfolio with another premium branded hotel in Salina, the nearby Courtyard by Marriott.