Marcus & Millichap is pleased to offer the opportunity to acquire the Holiday Inn Express located in Burlington, North Carolina. The subject property is 4 story hotel consisting of 116 well-appointed guest rooms. The Holiday Inn Express is located within 4 miles of Elon University, which enrolls over 6,000 students annually. The subject is well positioned off Interstate-40 and experiences an extremely high trafﬁc count in excess of 85,000 vehicles per day. Burlington is the midway point connecting multiple major metro areas including Raleigh, Greensboro and Durham.
The Holiday Inn Express has strong historical revenues exceeding $2,650,000 with a net operating income of nearly $915,000. The Burlington market has experienced strong RevPAR growth over the past year and was up 8% over 2017 according to the December 2018 STR. During the past 3 months current ownership has experienced an additional 10.9% increase in RevPAR. Marcus & Millichap predicts a new investor should expect stabilized revenues to exceed $3,000,000 after the completion of the Formula Blue PIP, which is currently in process. The Holiday Inn Express currently achieves a $63.58 RevPAR compared to the competitive set RevPAR of $73.19.
Burlington, North Carolina is part of the Greensboro-Winston-Salem-High Point MSA. The population exceeded 50,000 in the 2010 census and has grown dramatically over the past 8 years. The total Metropolitan Statistical Area population exceeds 350,000 and the subject hotel beneﬁts from its prime location off I-40 with convenient access to the regions major airports and universities. Burlington’s primary demand generator, Elon University, has been named one of the fastest growing and most beautiful college campuses in the United States by “Best College Review”. Burlington is located near multiple international airports including the Raleigh international Airport, which is 48 miles away from the subject property and Piedmont-Triad International Airport, located less than 40 miles away. Subject property is located within 20 miles of Interstate-85 and 30 miles from Interstate-75. Burlington is also the midway point between the beach and mountain regions of North Carolina and is a popular stopping point for both travelers and locals.