Executive Summary
The Holiday Inn Express brand is one of the favored upper mid-market brands for hotel owners and investors. This one features the “suites” prototype, and it produces attractive revenue and net income. With 2 years of real estate tax abatement remaining, the leasehold interest converts to fee simple in the same 2 years. The hotel has experienced very attractive year-to-year increases over the last 3 years. Built in 2009, the hotel features high guest satisfaction and is highly rated on Trip Advisor.
The Express is located near the US Hwy 69 By-Pass, which is the main route from KC to I-44 in Oklahoma, which then extends to Joplin, Springfield, Tulsa and OKC. Moreover, Pittsburg, KS is a medium size town of 21,000 residents and is a very good business town, fueled in part by Pitt State University with approximately 7,100 students and over 1000 employees. Besides the students, the university also attracts a number of regional events, including conferences, high school athletics, and meetings related to the various Colleges within Pitt State. Although it is being offered at a below market price, (based on the revenue), due to the extent of the PIP requirements the Owner is prepared to negotiate in order to get a deal done. The adjacent Comfort Inn & Suites is also being offered for sale.
