Executive Summary
The Holiday Inn located in Northeast Kansas City, Missouri presents investors with an opportunity to purchase a five year old high end property at far below today’s replacement cost. The well appointed hotel is situated just across from Worlds of Fun and Oceans of Fun, two of Kansas City’s largest demand generators. As a newer IHG property, guestrooms feature all modern amenities including a 55-inch TV, microwave, mini fridge, chair with ottoman, work desk and a Keurig coffee brewer. Common area amenities include an indoor heated pool, large fitness center, beautiful lobby with abundant seating, EV chargers and an on site restaurant that generates substantial additional revenue. The property also boasts nearly 6,000 square feet of meeting/banquet space including a 5,000 square foot room that can accommodate groups of up to 300 people.
In addition to its proximity to Worlds of Fun and Oceans of Fun, the hotel is convenient to a multitude of additional Kansas City attractions, these include Arrowhead and Kauffman stadiums (home to Royals and Chiefs), Ameristar & Harrah’s casinos, T-Mobile Arena, the Power & Light District and Hallmark-Crown Center…just to name a few.
While the property is already performing well, the STR report suggests that there is room for additional market penetration vs. the competitive set. YTD (July 2024) occupancy and ADR lag the comp set by 8% and $8, respectively. We believe the Holiday Inn performance metrics will rise with time and present opportunity for investors.
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