Executive Summary
This recently converted hotel ranks among the better Quality Inn properties in the Choice Hotels system. It is consistently rated 4.5 on the Choice site, and various other travel sites. The Quality Inn is located in southeast KS near the junction of Hwy 400 and KS 59. The property was recently renovated and up-flagged from a Rodeway Inn to a Quality Inn, (2019), and features many new improvements, such as:
- Newer interior paint
- Newer carpet
- Newer lobby soft seating
- Newer roof (2020)
- Newer hot water heaters (2021)
- Newer mattresses
- Newer bed linens
- Newer signage
- Newer LED lighting
It is offered at $50K per key, which is unusual for an interior corridor property of this age. It also features an elevator and pool which is not common for a smaller property in a mid-sized market. In 2020, a new Holiday Inn Express opened in Parsons, along with a new 8,000 sq. ft. convention center. The impact of Covid 19 and the Express has been realized, (Note: Quality Inn revenue is increasing with YE 2022 revenue up over YE 2021). Furthermore, the new convention center is expected to bring in more meetings and events.
Parson’s is a medium sized town of 10,500 and features a number of major employers, including employers in the health care sector (Labette Health and Parsons State Hospital). Both hospitals employ over 450 people each. There are a number of local companies that do business internationally, including Columbia Tec Tank (Owned by CSI Global) and Tank Connection. Labette Community College is a two-year junior college with nearly 2000 part and full-time students. LCC employs nearly 250 and tends to be a significant demand generator for local hotels. Hwy 400 is the main east-west highway across southern KS connecting Joplin to Wichita and points west.
This property produces enough revenue and net income to be purchased as a passive investment or by an onsite owner operator.
Either way, you will find a property that generates attractive net income and great reviews. When you visit, we are certain you will be pleasantly surprised.
