Leisure Real Estate Advisors, LLC Selected to Represent a Hilton-Marriott Portfolio in Salina, KS
July 10, 2018 8:54am
Leisure Real Estate Advisors, LLC, is pleased to announce its engagement as exclusive marketing agent for the sale of a three property Hilton-Marriott branded portfolio located in Salina, KS. “We are extremely pleased to have received this assignment”, says Brent A. Jaynes, co-founder and managing partner of Leisure Real Estate Advisors, LLC. “The Hilton and Marriott names are premium brands and represent institutional grade name recognition”, comments Mr. Jaynes. “All of these fine hotels are well positioned within this market and represent very attractive assets to potential investors.”
The Hilton Garden Inn opened in Sept, 2017 and it has been ramping up nicely. It features 97 keys and it also offers a state of the art 10,000 sq. ft. conference center. As part of delivering the conference facility, the City of Salina granted a 2% community improvement district (CID) tax rebate, which will transfer to the new owner. The balance of the CID is approximately $4.5M. Due to the recent opening, the PIP is expected to be minimal.
The 80-key Courtyard by Marriott opened in 2006 and has been one of the top performers in Salina since it opened (along with the adjacent Hampton Inn). Year to date revenue has increased this year, in spite of the recent opening of the neighboring Hilton Garden Inn, with a corresponding increase in net operating income. A Marriott ownership transfer PIP is available for review.
The Hampton Inn (68 keys) was opened in 1998 and it has undergone a significant transformation, with a $2.5M renovation begun in September, 2017 and to be completed in late July or early August. The renovation budget is available for review, and includes new exterior and portico, new rooms, and new hallways, and new roof. Along the with Courtyard, this high net income producer has produced excellent cash flow since it opened. Due to the extent of the renovation, the ownership transfer PIP is expected to be minimal.
These hotels are offered as a portfolio but the ownership will consider selling the HGI or Courtyard individually, or as a pair. All three properties are owned by the same entity so if a portfolio sale is contemplated, simultaneous closings will be preferred. The Hampton Inn is the only property that will not be sold individually.
For more information on these investment opportunities, please direct your questions to:
Brent A. Jaynes, Managing Partner, 913-499-4731 or firstname.lastname@example.org
A Confidentiality/Non-compete Agreement will be required.
Tags: hilton-marriott portfolio for sale,
leisure real estate advisors,
Leisure Real Estate Advisors, LLC is based in metro Kansas City and has a specialty concentration in the marketing and sale of hotels and provides exclusive representation to owners of hotel real estate. With over 100 years of collective hospitality experience and over $1.2 billion in sales, the company has become one of the premier hotel brokerage firms in the country and has been recognized by Hotel Business and Hotel Management magazines for its performance. It has also received the 2013, 2014, 2015 & 2017 Power Broker awards from CoStar. It has offices in Kansas City, Columbia, MO, Lincoln, NE, Sioux Falls, SD and an affiliate brokerage relationship in Wichita, KS.
Contact: Brent Jaynes
Paramount Lodging Advisors Successfully Completes Another Texas Transaction with the Sale of the Courtyard by Marriott in Beaumont, TX
Tambourine Shares What’s Haunting Hotel Marketers This Halloween?
Fleming’s Hotels Implements Best-In-Class Hotel CRM Platform, Cendyn’s eInsight, Across Their Hotel Group
Beat the OTAs: Use Your Hotel Website to Tell a Unique Brand Story
Hotel Marketing Budgets: How Much Is Actually Enough?
The 5 Deadly Sins of Content Marketing
What's Wrong With Your Hotel Website? Ask Your Call Center Team
Why Offering Local Tours and Activities Is a Huge Revenue Opportunity for Hotels
Tambourine Shares Three Easy Ways to Tighten the Bond Between Marketing and Revenue Management
The Joy of Publicity
Hotel Investment News - Leisure Real Estate Advisors, LLC Announces the Sale of the Fairfield Inn & Suites, Downtown, Wichita, KS
The Top 5 Things You Need to Know Now in Hotel Digital Marketing: April Edition
The Set Hotels Joins Cendyn
Hotel Marketing to Millennials
Are You Marketing to Your Guests’ Five Senses?
A Hotel Marketer's Guide to CRM
For Successful Marketing, Content Is King
From Dreaming to Booking Part II: How to Capitalize on the Dreaming Phase of the Travel Planning Journey
Tambourine Shares - It's Valentine's Day: What Are Hotel Marketers Loving?
The Best Western River North Hotel Sees 300% Increase in Revenue with New Progressive Web App
Please login or register to post a comment.