This newer 78 key Express & Suites continues to operate at 90% of 2019 revenue throughout Covid. It is built on the site of a former retail building, in order to achieve direct site lines and access to 10th street (Hwy 56). The hotel was built and opened in 2016, and has steadily ramped to its current performance. It features the latest Formula Blue exterior and common area designs and therefore the PIP should not be extensive. The property features 18 suites and meeting space. It is highly rated on the online travel sites and averages a 4.5 rating on those sites including TripAdvisor. In addition, the property benefits from of CID reimbursement (nearly 2% of room revenue) , which enhances the already attractive cash flow.
Great Bend would be considered a mid sized rural market in west-central Kansas, with a population of approximately 16,000. The city is located at the confluence of four busy highways, that is, Hwys 156, 56, 281 and 96. The economic “pull area” surrounding Great Bend and Barton County County, includes over 50,000 people. The region has historically been known for energy, agriculture, manufacturing and medical services. A number of major employers call Great Bend home, including Barton County Community College, Sunflower Electric, Great Bend Regional Hospital, CUNA Mutual and Fuller Brush Industries. Currently unemployment in Barton County is less than 3% which would be considered full employment.
There are a number of local demand generators in the area, many related to the outdoors. Great Bend is known as the Gateway to the Cheyenne Bottoms, which is the largest interior wetland marshes in the country. It covers over 41,000 acres and 45% of the nation’s migratory shorebirds pass through the “Bottoms”, via the Central Flyway, from Canada to Mexico. This collection of waterfowl and shorebirds attracts birdwatchers from all over the world. It is not unusual for the Bottoms to be closed for a few days during the Fall as Whooping Cranes make their way south on their migration. Moreover, it is a migratory stop for hundreds of thousands of ducks and geese, which also attract hunters from all over the country.
If you are looking for a newer hotel investment with a great flag and with immediate cash flow, then this property should get your close review.