Marcus & Millichap is pleased to offer the opportunity to acquire the La Quinta Inn & Suites Hickory located in Conover, North Carolina. The subject property consists of 8 stories and 107 well appointed guest rooms. The La Quinta Inn & Suites offers an array of room types including king & double-queen suites, King Jacuzzi suites, standard kings and double queen rooms. The hotel offers premium amenities to its guest such as, complimentary “Bright Side” breakfast, pillow-top beds, high-speed Wi-Fi, business center, spa, fitness center, meeting facilities, outdoor seasonal pool and jacuzzi. There are additional guest rooms available.
The La Quinta Inn & Suites generated over $1,775,000 in both 2016 and 2017 with a consistent NOI of nearly $600,000. Continuing the trend, the La Q generated over $1,800,000 in 2018 and performed even better in 2019. The subject hotel is offered well below replacement costs with significant upside through hands on management and marketing. Currently the property is being operated by an out-of-state owner and captures only 72.3% of is competitive set market share.
The Property Improvement Plan is expected to be approximately $7,000 a unit over the course of three years. The listing broker expects a significant boost in rate, occupancy, and RevPAR post renovation with an expected year 1 revenue in excess of $2,000,000. The La Quinta Hickory also contains over 5,000 square feet of meeting space as well as an on-site restaurant, offering an investor upside through a long-term lease opportunity. The La Quinta currently ranks #1 of 4 hotels on TripAdvisor and achieves a rating of 4.5 out of 5 stars.