· Purchase below replacement cost: the asking price per key represents less than 65% of replacement cost.
· Flagging opportunity: ideal candidate property for a hotel franchise affiliation with Choice Hotels as a Quality Inn with preliminary approval in place
· Underperforming as an independent property: the property has consistently underperformed its competitive set since 2007
· Stabilized 2015 Proforma: $570,383 NOI with 60% occupancy and $125.21 ADR
· New Development: adjacent to the property is the redevelopment of a 2-million-square-foot Naval Air Station into a center where corporate, academic, recreational, and community opportunities can flourish.
· Updated Property: in 2009/2010, the property received comprehensive upgrades including new exterior paint and signage, a new door-lock system, a new central computer service system and several new in-room amenities.
PRICE: $2,775,000
