“Unique” is probably the most overused word in real estate. However, this offering fits that description in that it offers a diverse array of income streams and points of sale. If you or your company are experienced in full service and conference operations, and want to spread risk across several income property types, this offering deserves your attention. There is significant top line revenue to work with and upside potential with renovation and re-position.
This iconic hotel has been a hospitality staple for downtown Topeka for decades and is listed on the Topeka Historic Landmark record. It still stands as one of the most utilized convention facilities in the state. The operators of the hotel have done a masterful job of re-engineering the property in order to feature the income streams that are available in the offering. The property is being offered at a very attractive revenue multiplier (1.3X) and price per key (26,000). Upside should exist in the hotel operations with re-positioning and upgrades to the hotel rooms.
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.
Offered at 1.3 X revenue
Significant revenue with flow-through cash flow
Offered at 26,000 per key (hotel & apartments), with no allocation to office/commercial space
Located directly off interstate 70 in downtown Topeka
Minutes to the State Capitol
Minutes to state government offices
Minutes to Kansas Expo Center
The offering is subject to short sale conditions, including lender approval