Executive Summary
The Staybridge Suites is located in the heart of new development near the confluence of one of the busiest interchanges in the KC metro area, the I-70 & I-470 interchange (150,000 cars/ day). Besides the attractions noted above, this interchange is only minutes from the Truman Sports Complex, a two stadium home to the KC Chiefs and Royals. The Truman Presidential Library is also nearby and the largest mall in Kansas City (Independence Center) is within walking distance. Centerpoint Medical Center is also within walking distance.
Independence is a contiguous satellite city to Kansas City MO, with a population of approximately 120,000. The City has become the regional retail, office and medical power center of Eastern Jackson County. Within the NE quadrant of the I70/ 470 interchange, the development of the Little Blue Parkway, a new thoroughfare connecting I-70 to 24 Hwy has spawned significant development. It is estimated that by the year 2020, the Little Blue Valley will be home to an additional 20,000 people and 5,000 new office, industrial and retail jobs. In addition, two of the other quadrants have also experienced significant development. The Silverstein Eye Event Center (Independence Event Center) is located in the SE quadrant and the new Bass Pro development (SW quadrant) has brought the expected retailers and restaurants. Stoney Creek Conference Center and Hotel has also followed Bass Pro into the development.
The Kansas City area metropolitan statistical area (MSA) composes 14 counties that straddles the Kansas and Missouri state line. The MSA population is approximately 2,100,000 and ranks among the top 30 MSAs in the country (2015 stats). Kansas City is known for many attributes, including the World Champion KC Royals, but it is also rapidly becoming a logistical hub because of its central location. Also, hotels operate on a micro basis within their own submarket, but the Staybridge has both. That is, the business climate in Kansas City is very good, and the local market in this area of Independence has been surprising strong. With the new surrounding development, it should remain that way.
We think this Staybridge is a very attractive investment, both in performance and location. It can be delivered unencumbered by management.
