This profitable 66 unit Express & Suites is being reintroduced to the market with a completed Formula Blue PIP and with a price point at less than $100K per key. It will also offer a new license agreement until Sept, 2033. The property upgrades also include new guest room windows and a newer roof. Besides the foregoing, the offering features attractive cash flow and should require minimal investment for the next 10 years (notwithstanding the soft surfaces). The Formula Blue renovation should allow the Express to improve among its compset competitors, creating revenue upside. It has been our experience that Formula Blue renovations do add value to the hotel, in the form of ability of manage rates better, higher guest satisfaction, and increased ability to compete against new competition. Furthermore, the hassle of a major PIP and all of the issues associated with the PIP are completed.
Lincoln, NE, with nearly 300,000 residents, is a southeast commercial hub in Nebraska. It is home to the University of Nebraska, a member of the Big 10 conference. With a student population in excess of 26,000, it is a major demand generator and one of the most notable brands in the Midwest. The university is located near downtown Lincoln, which is also home to the State Capitol. These two major employers drive a significant amount of business for the hospitality industry. Lincoln has received a number of “Top Livable Cities” designations from numerous sources, such as Liveability, NerdWallet, Forbes and others.
The property is well located in the growing southeast quadrant of Lincoln, along the developing Hwy 2 corridor. Hwy 2 connects the Lincoln metro to I-29 to the east.
Even with the effects of Covid, it is difficult to find a totally PIP’d Express for under $100K per key, especially in a metro market featuring a major university and the State Capitol grounds.