Marcus & Millichap acting as the exclusive broker is pleased to offer the opportunity to acquire the newly constructed SpringHill Suites located at 3950 Arco Corporate Dr in Charlotte, North Carolina. The Springhill Suites is a four-story, 124-unit select service hotel, built in 2019. The hotel offers superior amenities that include complimentary breakfast, meeting room, seasonal outdoor swimming pool, fitness center, outdoor patio and bar/bistro. The hotel has 300+ solar panels on the roof that will provide significant savings and improve bottom line efficiencies.
To accompany the superior amenities, the hotel has an ideal location directly off Interstate 485, at exit 3. The immediate demand generators within proximity to the hotel include Top Golf, Berewick Town Center, Charlotte Premium Outlets, CPI Security Headquarters and Whitehall Corporate Center. Whitehall Corporate Center is an A+ office park directly across from the SpringHill Suites, and consists of six buildings totaling 865,000 square feet. A few of Whitehall’s major tenants include QuikTrip Corporation, nGuard and Unilever, along with many other reputable corporations. In addition to the Whitehall Corporate Center, the Whitehall Technology Park sits within one mile of the hotel. These immediate demand generators will be a consistent source of revenue for potential investors. The SpringHill pro-forma as a stabilized asset is set to operate at a $130 ADR, 77% occupancy and a $100 RevPAR. This will produce an operating room revenue of $4,500,000+ along with a gross revenue stream of $4,700,000+.
The economy of Charlotte, North Carolina employs 473,000 people. As of 2019, Charlotte has seven Fortune 500 companies in its metropolitan area. Charlotte is home to the corporate headquarters of Bank of America, Truest Financial and the east coast operations of Wells Fargo, which along with other financial institutions has made it the second-largest banking center in the United States since 1995. The area is an increasingly growing trucking and freight transportation hub for the East Coast. The Charlotte Center city has seen remarkable growth over the last decade. Numerous residential units continue to be built in uptown, including over 20 skyscrapers under construction, recently completed or in the planning stage.
The Springhill Suites is located less than 10 miles from the Charlotte Douglas International Airport. As of 2019, it was the 11th busiest airport in the United States and is the second largest hub for American Airlines with service to 178 domestic and international destinations. Among Charlotte’s many notable attractions, some of the most popular include the Carolina Panthers (NFL), the Charlotte Hornets (NBA), the NASCAR All-Star Race, the Wells Fargo Championship, the NASCAR Hall of Fame, the Charlotte Ballet, Children’s Theatre of Charlotte, Carowinds amusement park and the U.S. National Whitewater Center. There are nearly 40 colleges and universities within 25 miles of Charlotte.