2911 Gilmore Dr, Jonesboro, AR 72401
90 Room Hotel | Jonesboro, AR 72401 | $6,600,000 ($73,333/Room) | 11.10% Cap Rate
For Sale
Active
Asking Price $6,600,000
- Property Type
-
Hospitality
- Square Feet
- 51,870 SF
Listing Contacts
- Property Info
Property Overview
• 90 Rooms in a 5-Story, Interior Corridor Building
• Hotel is currently operated as a Best Western Plus
• Offered Fee Simple and Unencumbered by Management
• Property is approved by Hilton for Spark by Hilton conversion
o ~$23K per key required to convert, based on Hilton’s Estimates
• After Conversion, the hotel is still Priced Significantly below the replacement cost.
o Total ~$97,000 per Key after acquisition and conversion costs.
? ~$73K per key cost to acquire.
? ~$23K per key cost to convert.
• Proforma for Spark by Hilton
o Year 1 Room Revenue ~$2,700,000
o Year 1 Adjusted NOI ~$965,000
• Hotel is currently operated as a Best Western Plus
• Offered Fee Simple and Unencumbered by Management
• Property is approved by Hilton for Spark by Hilton conversion
o ~$23K per key required to convert, based on Hilton’s Estimates
• After Conversion, the hotel is still Priced Significantly below the replacement cost.
o Total ~$97,000 per Key after acquisition and conversion costs.
? ~$73K per key cost to acquire.
? ~$23K per key cost to convert.
• Proforma for Spark by Hilton
o Year 1 Room Revenue ~$2,700,000
o Year 1 Adjusted NOI ~$965,000
Property Details
- Class
- B
- Year Built/Renovated
- 1989/2018
- Stories
- 5
- Property Subtype
- Hotel
- Lot Size (sq. ft)
- 88,427 SF
- Units
- 90
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