Marcus & Millichap is pleased to offer a new investor fee simple interest in the dual branded Econo Lodge & Rodeway located in the heart of Fayetteville, North Carolina. The subject property is a two-story, 150 room hotel constructed in 1988. The well appointed property is located directly off I-95 with proximity to all the diverse demand generators in the region. The Econo Lodge & Rodeway are perfect for the leisure traveler or military families visiting one of the top military bases in the country, Fort Bragg.
The Econo Lodge & Rodeway have performed very well and have generated strong consistent cash flow for past 20 years. Offered with upside in operations following completion of a modest change of ownership PIP, a new owner will get a 15-year franchise agreement from Choice. The portfolio is offered below replacement costs and is an ideal investment opportunity for a new private investor seeking strong cash flow in a thriving military market. In 2017 the 150 room Econo Lodge was re-positioned into a dual branded Choice hotel consisting of a 74 room Econo Lodge and a 76 room Rodeway. This allows a new operator to take advantage of two reservation systems within the Choice franchise.
Fayetteville has received the prestigious All-America City Award from the National Civic League three times. It is currently the sixth largest municipality in North Carolina and is the county seat of Cumberland County as well as the home of Fort Bragg Military Base, which employs over 15,000 residents. In addition to Fort Bragg, Fayetteville has multiple entertainment and historic attractions including golf courses, museums, parks, and restaurants. There are four colleges located in Fayetteville, NC. This property is an excellent opportunity for an investor to purchase a hotel well below replacement cost. It is in a stable, military market, which continues to grow. Fayetteville is the county seat of Cumberland County, a part of the Coastal Plain region of North Carolina. When Congress passed the Base Realignment and Closure (BRAC) Act, it resulted in several new commands relocating to Fort Bragg. These included the U.S. Army Forces Command and U.S. Army Reserve Command, both of which relocated from Fort McPherson in Atlanta. This brought more than 30,000 people to the area with associated businesses and families. FORSCOM awards over $300 billion in contracts annually. Fort Bragg and Pope Field (formerly Pope Air Force Base) are next to the city of Fayetteville. Several U.S. Army Airborne units are also stationed at Fort Bragg, most prominently the XVIII Airborne Corps HQ, the 82nd Airborne Division, and the United States Army Special Operations Command.