Marcus & Millichap is pleased to offer the opportunity to acquire the five story, 127-key, Holiday Inn, 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 Holiday Inn 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 Holiday Inn is located approximately 2.3 miles from UNCW, 6 miles from Wrightsville Beach and 3.5 miles from downtown Wilmington.
The Holiday Inn generated $4,250,000 in revenue throughout 2018 with a net operating income of approximately $1,300,000. This asset is earning over $35,0000 a unit and is up nearly 45% in RevPAR over the previous year. The Holiday Inn is operating with a $98 RevPAR on the trailing-12 months STR report and is penetrating its competitive set over 114%. Currently the Holiday Inn ranks #24 of 68 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. The Holiday Inn is approved for alternative branding as well if preferred.
The Holiday Inn features many amenities including an indoor pool with whirlpool SPA, a 24-hour business center, meeting space. Coffee/tea is available in the lobby at this smoke-free hotel. The property also offers a full restaurant and lounge and can accommodate room service requests as well. Free Wi-Fi in public areas and self parking are also provided. Other amenities include a fitness center, laundry facilities with dry cleaning options and a complimentary airport shuttle.
Rooms provide conveniences including refrigerators and microwaves, free Wi-Fi and flat-screen TVs with cable channels including HBO. Other amenities available to guests include coffee makers, free weekday newspapers delivered directly to the room and free local calls.