75 Spooner Rd, Quincy, FL 32351
40 Room Hotel | Quincy, FL 32351 | $3,800,000 ($95,000/Room)
For Sale
Active
Asking Price $3,800,000
- Property Type
-
Hospitality
- Square Feet
- 12,500 SF
Listing Contacts
Dennis Hopper CCIM
Tyler Quijano
Property Overview
OFFERING OVERVIEW:
DSH Hotel Advisors has been retained as the exclusive broker to market the Quality Inn Quincy - Tallahassee West, located in Quincy, Florida. This 40-room exterior corridor hotel is conveniently located along Interstate 10 approximately 25 miles from Downtown Tallahassee, near the Quincy Historic District. The property is positioned in a growing market with diverse demand generators, attracting leisure and business travelers, legislative attendees, healthcare professionals, university visitors, and sports teams. The hotel is close to attractions such as the Gadsden Arts Center & Museum and Bear Creek Educational Forest, enhancing its appeal. Quincy’s strategic location and vibrant local culture make it an attractive destination for tourism guests, while the Quincy Business Park and proximity to major businesses enhance the hotel’s appeal for business travelers. This offering presents a unique opportunity to acquire a hospitality asset ideal for an owner-operator within the desirable Tallahassee Metropolitan Statistical Area.
PROPERTY CONDITION:
The subject property remains in good condition due to an ongoing capital improvement plan and completed renovations. It is estimated that the change of ownership PIP would be approximately $25,000+/-; however, this estimate would need to be verified by Choice Hotels via an issued change of ownership PIP. The property has benefited from substantial capital expenditures by both previous and current ownership, with current ownership investing approximately $150,000+/- in renovations. Recent upgrades under current ownership include:
• Replaced Roof
• Exterior Light Fixtures
• Updated Electrical in Breakfast Area
• Replaced 10 PTAC Units (refurbished)
• Re-Stripped & Re-Surfaced Parking Lot
• Replaced 2 Washers / 1 Dryer (refurbished)
UPSIDE POTENTIAL:
The Quality Inn Quincy - Tallahassee West presents significant upside for an owner-operator. With 40 keys, the hotel is ideally suited for hands-on management. Currently operated under absentee ownership, there is substantial potential to reduce costs, particularly payroll, through active management. Additionally, the property has historically demonstrated its ability to achieve over $1,000,000 in room revenue, as evidenced in Monthly December STR Report in 2021 and 2022. There is also room to improve RevPAR, which is currently at 75% of the comp set index, based on the June 2024 Monthly STR Report.
Property Highlights:
• Quality Inn Quincy - Tallahassee West, a Choice Hotel
• 40-Rooms | 2 Stories | Exterior Corridor
• Year Built - 1994
• Ideal Key Count For Owner Operator
• Recently Renovated | Minimal PIP Expected
• Located in Tallahassee MSA
• Ideally Positioned Along Interstate 10
• Opportunity To Improve RevPAR Within Compset (Based on June 2024 STR)
Location Highlights:
• 4.8 Miles to Gadsden Arts Center
• 5.2 Miles to Bear Creek Educational Forest
• 5.3 Miles to Historic Downtown Quincy
• 20.9 Miles to Tallahassee International Airport
• 21.6 Miles to Florida State University
• 21.6 Miles to Doak S. Campbell Stadium
• 22.3 Miles to Downtown Tallahassee
• 23.6 Miles to Alfred B. Maclay Gardens State Park
• 23.7 Miles to Florida A&M University
Financial Highlights:
• List Price of $3,800,000
• YE 2023 Project RRM - 4.13x RRM
• YE 2023 Project Cap Rate - 6.03% Project Cap Rate
• Year 1 Project RRM - 4.24x RRM
• Year 1 Project Cap Rate - 8.22% Project Cap Rate
• T-12 June 2024 ADR/RevPAR/OCC -$102.75 ADR / $58.57 RevPAR / 57.00% OCC
DSH Hotel Advisors has been retained as the exclusive broker to market the Quality Inn Quincy - Tallahassee West, located in Quincy, Florida. This 40-room exterior corridor hotel is conveniently located along Interstate 10 approximately 25 miles from Downtown Tallahassee, near the Quincy Historic District. The property is positioned in a growing market with diverse demand generators, attracting leisure and business travelers, legislative attendees, healthcare professionals, university visitors, and sports teams. The hotel is close to attractions such as the Gadsden Arts Center & Museum and Bear Creek Educational Forest, enhancing its appeal. Quincy’s strategic location and vibrant local culture make it an attractive destination for tourism guests, while the Quincy Business Park and proximity to major businesses enhance the hotel’s appeal for business travelers. This offering presents a unique opportunity to acquire a hospitality asset ideal for an owner-operator within the desirable Tallahassee Metropolitan Statistical Area.
PROPERTY CONDITION:
The subject property remains in good condition due to an ongoing capital improvement plan and completed renovations. It is estimated that the change of ownership PIP would be approximately $25,000+/-; however, this estimate would need to be verified by Choice Hotels via an issued change of ownership PIP. The property has benefited from substantial capital expenditures by both previous and current ownership, with current ownership investing approximately $150,000+/- in renovations. Recent upgrades under current ownership include:
• Replaced Roof
• Exterior Light Fixtures
• Updated Electrical in Breakfast Area
• Replaced 10 PTAC Units (refurbished)
• Re-Stripped & Re-Surfaced Parking Lot
• Replaced 2 Washers / 1 Dryer (refurbished)
UPSIDE POTENTIAL:
The Quality Inn Quincy - Tallahassee West presents significant upside for an owner-operator. With 40 keys, the hotel is ideally suited for hands-on management. Currently operated under absentee ownership, there is substantial potential to reduce costs, particularly payroll, through active management. Additionally, the property has historically demonstrated its ability to achieve over $1,000,000 in room revenue, as evidenced in Monthly December STR Report in 2021 and 2022. There is also room to improve RevPAR, which is currently at 75% of the comp set index, based on the June 2024 Monthly STR Report.
Property Highlights:
• Quality Inn Quincy - Tallahassee West, a Choice Hotel
• 40-Rooms | 2 Stories | Exterior Corridor
• Year Built - 1994
• Ideal Key Count For Owner Operator
• Recently Renovated | Minimal PIP Expected
• Located in Tallahassee MSA
• Ideally Positioned Along Interstate 10
• Opportunity To Improve RevPAR Within Compset (Based on June 2024 STR)
Location Highlights:
• 4.8 Miles to Gadsden Arts Center
• 5.2 Miles to Bear Creek Educational Forest
• 5.3 Miles to Historic Downtown Quincy
• 20.9 Miles to Tallahassee International Airport
• 21.6 Miles to Florida State University
• 21.6 Miles to Doak S. Campbell Stadium
• 22.3 Miles to Downtown Tallahassee
• 23.6 Miles to Alfred B. Maclay Gardens State Park
• 23.7 Miles to Florida A&M University
Financial Highlights:
• List Price of $3,800,000
• YE 2023 Project RRM - 4.13x RRM
• YE 2023 Project Cap Rate - 6.03% Project Cap Rate
• Year 1 Project RRM - 4.24x RRM
• Year 1 Project Cap Rate - 8.22% Project Cap Rate
• T-12 June 2024 ADR/RevPAR/OCC -$102.75 ADR / $58.57 RevPAR / 57.00% OCC
Property Details
- Class
- C
- Year Built/Renovated
- 1994/2003
- Stories
- 2
- Property Subtype
- Hotel
- Lot Size (sq. ft)
- 87,120 SF
- Units
- 40
Highlights
- • Ideal Key Count For Owner Operator
- • Recently Renovated | Minimal PIP Expected
- • Opportunity To Improve RevPAR Within Compset (Based on June 2024 STR)
- • Ideally Positioned Along Interstate 10 - Located in Tallahassee MSA
- • 20.9 Miles to Tallahassee International Airport • 21.6 Miles to Florida State University • 23.7 Miles to Florida A&M University
- • T-12 June 2024 ADR/RevPAR/OCC -$102.75 ADR / $58.57 RevPAR / 57.00% OCC
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