Marcus and Millichap is pleased to offer the opportunity to acquire the 74-unit, four-story, interior corridor Comfort Suites located in Sanford, NC. . The subject property currently operates with a top line revenue stream of $1.87MM million and is top performer in its competitive set. The Comfort Suites is a limited service hotel originally built in 2008 and situated on approximately 1.55 acres. This interior corridor hotel offers an indoor pool, workout facility, meeting room, and business center, among many other amenities. Built in 2008 this property is offered well below replacement cost and provides upside for new ownership in completion of the new ownership PIP required by Choice.The subject property based on its strategic location and superior accommodations is a top market performer among its class but still has room to improve through operations, renovations, and marketing. As of the April 2019 STR report the property is operating with an occupancy of 72.8%, an ADR of $92.13, and a RevPAR of $67.05, which is penetrating the market at an index of 143.1% currently. The property has continued to see an upward trend in performance over the past 3 years, and is on pace to exceed $1.9MM in room revenue in 2019.
Located off of US-421 the Comfort Suites hotel in Sanford North Carolina is centrally located in the state and just a short drive from major interstates, making it easily accessible to North Carolina residents as well as visitors from surrounding states. For visitors traveling from further away, Raleigh-Durham International Airport (RDU) is 46 miles northeast and under a 50 minute drive. Sanford is the county seat of Lee County and is a former railroad town named after the famous railroad engineer Colonel Charles Sanford. You can explore downtown including their preserved railroad depot and other historic buildings within minutes of the hotel. A restored 1925 playhouse, the Temple Theatre, 2 miles away, is the most visited site in the county. The theatre puts on seven mainstage shows which run for several weeks per season ranging from musicals to dramas. Actors are sometimes local but mainly paid professionals brought in from across the country. The Theatre also functions as a Comedy Zone venue, and has hosted a number of well known stand up comics. Special events also include concerts and dance recitals. The Temple attracts approximately 40,000 patrons each year from surrounding areas like the Research Triangle, Piedmont Triad, and Sandhills. Sanford also plays host to a variety of events and festivals throughout the year, including the Sanford Annual Pottery Festival- the largest in NC.The Comfort Suites is less than a mile from Central Carolina Community College which currently has a total enrollment of 4,728 students. Lee County High School is ranked 1 of 5 high schools in Lee County and is less than a half mile from the property. The hotel benefits from both of these educational institutions graduations. Other nearby demand generators include San-Lee Park, Raven Rock State Park, Sanford Shopping Center, Lee County Industrial Park Deep River Sporting Clays, Sanford Golf Course, and Carolina Trace Country Club.