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 bjaynes@leisurerealestate.com
A Confidentiality/Non-compete Agreement will be required.
