Marcus & Millichap, acting as exclusive listing broker, is pleased to offer the opportunity to acquire the Quality Inn at Carowinds’s located in Fort Mill, South Carolina. The subject property is a two-story, 68 key hotel offering well appointed guest rooms situated on 1.84 acres. Historical revenues have ranged between $1,200,000 to nearly $1,350,000 for the past three years. The property is currently under-performing its competitive market set, affording a considerable value-add opportunity for a new investor. Additionally, the Net Operating Income can potentially increase nearly 10% by reducing elective management expenses .
The Quality Inn benefits from its ideal location approximately only 0.5 mile from Carowinds, a 398-acre amusement park boasting nearly 2 million visitors annually. The park is located at the border of North and South Carolina and was built as an initiative to bring the two states closer together. In 2015, management announced it would undertake a $50 million plan to expand the theme park within the following three years. The expansion has seen the addition of the Fury 325, the worlds tallest and fastest giga coaster (high-speed roller coaster over 300 feet in height). The expansion is expected to significantly increase park attendance.
The Quality Inn is ideally located near Interstate 77, a major north/south thoroughfare spanning as far north as Cleveland, Ohio. Situated near the intersection of U.S. Route 21 and Interstate 77, visitors to the Quality Inn can easily access all the areas attractions, diverse corporate business generators and historic sites. The Quality Inn is located only five miles from the Charlotte LYNX light rail southernmost station. The LYNX Rapid Transit Services system consists of 15 total stops in the city and spans as far north as Uptown Charlotte. Cabela’s, the worlds largest direct marketer of hunting, fishing, camping and related outdoor merchandise, has recently opened a 104,000 square foot store directly across the street from the Quality Inn. Based on its proximity to the Charlotte International Airport and other demand generators including Interstate-77, restaurants, corporate headquarters and shopping, the property is perfectly situated for an investor looking for a select service, value add opportunity.