ANOTHER MAJOR PRICE REDUCTION!!!   IDEAL FOR A FIRST TIME IHG OWNER OPERATOR

NOW PRICE AT LESS THAN $75,000 per key.   First time to the market, this Holiday Inn Express & Suites hotel will be delivered with a completed re-licensing Formula Blue PIP. That price is nearly a 50% discount over today’s new construction costs.    Revenue is already increasing, and if the STR penetration on all three metrics is any indication, there should be upside with this completed renovation.

Executive Summary

ANOTHER MAJOR PRICE REDUCTION!!   NOW OFFERED AT $6.5M AND TO BE DELIVERED WITH COMPLETED RELICENCING PIP.  IDEAL FOR A FIRST TIME IHG OWNER OPERATOR

This 87 key Holiday Inn Express & Suites will be delivered with the re-licensing Formula Blue PIP competed, at the tune of over $2.5M invested.  This hotel has been the premier hotel in the market since it was built.  In about every case in the region, Holiday Inn Express hotels that have undergone the Formula Blue PIP see growth in occupancy and ADR, some with significant growth.  Holiday Inn Express hotels in Great Bend and Dodge City (the two closest markets) boast Revpars from $90 – $100.

Pratt is located in south central Kansas, just over a one-hour drive from the western portion of Wichita, and from the Dwight D. Eisenhower National Airport.  Pratt has become a local hub for business and medical services in the area and has a county population of nearly 10,000.   It is located at the junctions of Hwy 400 (also 54), which is the major east west route through southern Kansas, and Hwy 281, which stretches north-south from Texas to Canada.   Hwy 61 also converges on Pratt.  Pratt also features Pratt Community College which is only a few hundred yards from the Flag Point.   Nearly 2,000 students attend the community college.  Pratt is also home to the annual Miss Kansas pageant, Pratt Regional Medical Center, and to the State HQ of the Kansas Wildlife, Parks and Tourism office.

The hotel is only blocks from the contemplated expansion location of the Hwy 400 (54) bypass when it is eventually built.    There is also a pad site that fronts Hwy 61, that is part of the offering.

Photo Gallery contains pre-renovation pictures (common areas).  Pictures of the rooms are post-renovation.

 

Property Details

Address
1903 Pauline Place, Pratt, KS 67214
Price
$6,500,000 
Rooms
87 
Price Per Key
$74,712 
Property Type
Limited service - upper midscale 
Revenue
Call or email for CA 
Website

Hotel Description

  • 87 keys
  • Now priced at $6.5M, less than $75K per key
  • Will be delivered with completed re-licensing Formula Blue PIP 
  • Revenue and RevPar increasing
  • Built 2011
  • Market leader
  • 4 floors
  • New 15 year license
  • 28 suites, including studios and suites with extra bay depth
  • Fitness center and indoor pool
  • Includes adjacent pad site that fronts Hwy 61
  • Photo Gallery contains pre-renovation pictures (common areas).  Pictures of the rooms are post-renovation.

Scroll down and click on the “BUYER CA” icon to complete and submit the Confidentiality Agreement

Contact a Broker

Brent Jaynes

13000 W 87th St. Pkwy, Suite 108
Lenexa, KS 66215
Phone: 913-499-4731
Fax: 913-499-4771