Tenant: Hotel & C-Store Portfolio Premises: 0 SF Renewal Options:
Lease Expiration: Lease Type: Rental Increases:
Large 6.67 Acre Site with 2 Hotel Businesses and a C-Store
211 Room Hotel with Occupancy Rate of 85% +/-
C-Store Doing $35,000 Inside and 65,000 Gallons Outside
Property Amenities Include a Business Center, Outdoor Pool and Meeting Rooms
Over $2 Million in EBITDA
Debt Available with 20% Down – Enhance Your Return
Within Driving Distance to Both Miami and the Florida Keys
The deal entails neighboring Quality Inn and Travelodge hotel properties and C-Store/Gas property in Florida city. The properties are conveniently located along US Hwy 1, near the entrance to the Florida Keys and a short drive to major attractions including Prime Factory Outlet Mall and two national parks. Outstanding customer service at both locations have consistently earned them high ratings across major online booking sites. Both hotels boast 4.5 stars on TripAdvisor and rank #2 and #3 respectively among hotels in Florida City.
Built in 1990 and 1997, the two story and one story buildings and amenities have been well-maintained over the years. Along with the C-Store property, the total lot size is roughly 6.67 AC. The hotels are strong performing locations generating combined revenue exceeding $5.6M in 2016, a 3.6% increase from 2015. REVPAR averages around $70 with occupancy ranging from 78%-93% for both hotels. At a $28M price point, this translates to roughly 12X the averaged $2.25M in EBITDA. In terms of typical financing model, 70% LTV achieves a cash on cash return of roughly 12% and over $1M in annual cash flow after debt service. This is not factoring in the revenue generated by the C-store property which nets roughly $170,000 annually.