We don’t see these very often…….that is, a larger market Holiday Inn Express & Suites with a recently completed Formula Blue PIP and still priced at less than $105K per key.   Revenues, cash flow & RevPar are all  increasing dramatically, which is a testimony to the renovation and to the market.   Whether you are an owner-operator or expanding your portfolio, this acquisition will provide cash flow, a premium flag and require limited CapEx.  

 

Executive Summary

INCREASING REVENUE, CASH FLOW AND REVPAR!!!

Leisure Real Estate Advisors is pleased to offer for sale this renovated Holiday Inn Express & Suites, located in the Capitol City of Topeka, KS.   It is well positioned just west of NW Topeka Blvd on busy Hwy 24, with limited competition.  NW Topeka Blvd is the direct connection to downtown Topeka, and to the state government, the Capitol grounds, the Statehouse, and Kansas Expocentre.   Opened in 2010, the 81 key Express has recently undergone a Formula Blue PIP and is still offered for sale 30% below today’s construction costs, at less than $105K per key.  The revenue is responding quite dramatically to the renovations.   Limited competition…..competitors are miles away.

Topeka, with a county population of nearly 180,000, is known for its diverse economy related to the State Capital and the state government offices.  However, it is also known for its manufacturing, medical, insurance, transportation, sports and banking/financial sectors including quite a number of international companies.  It has historically been a strong hospitality market and the underlying business fundamentals are there to sustain it.  The property is located about 1 hour from Kansas City International Airport.  Major manufacturing facilities are also nearby, including Hill’s Pet Products, a JM Smuckers production plant, and one of the largest Goodyear plants in the world.

Notable Local Employers:

  • State of Kansas (6,000 local employees)
  • Capitol Federal Savings
  • Frito Lay Company
  • Goodyear Tire & Rubber (one of the 4 largest plants in the world)
  • JM Smuckers
  • Hill’s Pet Nutrition
  • Security Benefit Life Insurance
  • Washburn University (4 year university including School of Law)
  • Westar Energy
  • Blue Cross Blue Shield of KS
  • BNSF Railway

Other demand generators include:

  • Brown v. Board of Education historic site
  • Kansas Expocentre
  • Topeka Performing Arts Center
  • Prairie Band Casino
  • Topeka Zoo
  • Combat Air Museum

Click on the “BUYER CA” tab to complete and submit the Confidentiality Agreement

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Property Details

Address
601 NW US Highway 24, Topeka, KS 66608
Price
$8,500,000 
Rooms
81 with 41 Suites 
Price Per Key
$104,938 
Property Type
Limited Service - Highway 
Revenue
Call or email for CA 
Website
Holiday Inn Express & Suites Topeka North

Hotel Description

  • 81 keys
  • Built 2010
  • Very attractive increases in revenue & RevPar; 30% increase in revenue YTD; 25% in RevPar YTD
  • Recently completed Formula Blue PIP
  • New 15 year license available
  • No PIP inspection fee
  • 41 Executive Suites of various types
  • Offered at less than 105K per key, 30% less than a new build
  • Attractive exterior lines
  • Head-to-head competitors are miles away
  • Growing area with newer Dillon’s and Walmart Super Center nearby
  • On of the largest Goodyear plants in the country nearby
  • Hill’s Pet, JM Smucker’s manufacturing nearby
  • Fitness Center
  • Indoor Pool
  • Meeting Room (600′)
  • Newer retail users added in front of the hotel, such as Starbucks and IHOP (on pad sites, independently owned)

Scroll down and click on the “BUYER CA” tab 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