Marcus & Millichap is pleased to exclusively offer the opportunity to acquire the Quality Inn & Suites hotel located at 2516 Augusta Rd West Columbia, SC. Columbia is located approximately 13 miles northwest of the geographic center of South Carolina and is the primary city of the Midlands region of the state. Columbia is approximately 73 miles northeast of Augusta, Georgia and 93 miles south of Charleston, South Carolina. The hotel is located just off Interstate 26 and has excellent visibility from the highway. Columbia, South Carolina has access to a number of major roads and highways which pass through the region. Interstate 26 travels northwest to southeast and connects Columbia to the other two major population centers of South Carolina, the Greenville-Spartanburg area in the northwest and Charleston in the southeast. Interstate 20 travels west to east and connects Columbia to Atlanta in the west and Florence in the east. The subject property is close to all demand generators including the State Capital, The University of South Carolina, The Columbia International Airport, and all restaurants and entertainment. Subject property is well maintained and offers amenities such as an outdoor pool, business center, and more. This investment opportunity offers significant upside for a new operator to capitalize on the recent capital improvements and stabilize the property through hands on operations.
The Quality Inn is a select-service hotel situated on approximately 2.1 acres and built in 1986. This two-story, 82-unit hotel offers amenities such as a seasonal outdoor pool, business center and proximity to all major demand generators. 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 and marketing. In 2018 the subject property will generate approximately $1,100,000 in total revenue with a net operating income of nearly $345k. The current Quality Inn license is eligible for renewal from Choice Hotels International. The subject property has strong historical performance with consistent revenues over $1,100,000. Currently the property achieves a $35.02 RevPAR with a $60.50 Average Daily Rate, and 57.9% Occupancy. With hands on operations the subject property operated closer to a $37.5 RevPAR, giving a new owner operator the opportunity to increase revenues back to the historical.
The subject property currently ranks #5 of #11 hotels in the West Columbia market per Tripadvisor and achieves a 3 stars rating prior to its recent renovations. This asset has recently been renovated and offered with a minimal property improvement plan for a new owner. In addition to PIP items required by Choice, the current owner has replaced tubs, toilets, water heaters and washer and dryers. This asset is perfect for a hands on operator to take over operations, increase revenues and cash flow for the remainder of the Quality Inn Franchise.
Choice Hotels International (NYSE: CHH) is one of the largest and most successful lodging franchisors in the world. Choice currently franchises more than 7,000 hotels, representing nearly 570,000 rooms, in more than 40 countries and territories. Ranging from limited service to full-service hotels in the upscale, midscale, extended-stay and economy segments, Choice-branded properties provide business and leisure travelers with a range of high-quality, high-value lodging options throughout the United States and internationally.