Marcus & Millichap is pleased to offer the opportunity to acquire the three story, 73-unit, Comfort Suites, located off Market St, in Wilmington, North Carolina. The subject property is ideally located between Historic Downtown Wilmington, The University of North Carolina Wilmington, and multiple beaches. The Comfort Suites is walking distance to retail shops, restaurants and leisure entertainment. The current ownership is located out of state, offering a new investor a significant opportunity to improve bottom line inefficiencies in payroll and other areas. The Comfort Suites is located approximately 2.3 miles from UNCW, 6 miles from Wrightsville Beach and 3.5 miles from downtown Wilmington.
The Comfort Suites generated approximately $1,775,000 in revenue during 2018 with a net operating income of approximately $560,000. Currently the subject property is achieving a $82.21 RevPAR with a competitive set market penetration of 99%. The Comfort Suites is on track to exceed $2,050,000 in total revenue throughout 2019 and is up nearly $380,000 year to date.
Currently the Comfort Suites ranks #29 of 45 hotels on TripAdvisor and achieves 3.5 stars. The Property Improvement Plan is expected to consist of cased goods, soft goods, bathrooms work, and cosmetics. In return a new operator will continue with the Choice franchise for another 15 years.
An outdoor pool, a 24-hour business center, and coffee/tea in the lobby are available at this smoke-free hotel. Free buffet breakfast, free Wi-Fi in public areas, and free self parking are also provided. Other amenities include a meeting room, laundry facilities, and a 24-hour front desk.
Rooms provide conveniences including refrigerators and microwaves, free Wi-Fi and flat-screen TVs with cable channels. Other amenities available to guests include coffee makers, free weekday newspapers, and free local calls.
High-speed wireless Internet access is complimentary. This hotel offers access to a 24-hour business center and a meeting room. Guests can enjoy a complimentary breakfast. This Wilmington hotel also offers an outdoor pool, coffee/tea in the lobby, and complimentary newspapers in the lobby. Complimentary self parking is available on site.