Marcus & Millichap is pleased to offer for sale a fee simple interest in the 79 key SpringHill Suites by Marriott located in midtown Savannah Georgia. This well-appointed hotel was constructed in 1999 and is being offered well below replacement cost with ability to retain the current franchise. The property has recently undergone an extensive renovation and is being conveyed with little to no PIP expected. Recent renovations completed in 2018/2019 include case goods in every room, signage, door locks, ice machines, lighting packages, paint, and pool equipment.
The hotel is being offered unencumbered of management and debt with the ability to retain the SpringHill Suites flag via a long-term franchise agreement with Marriott International. A new investor has the ability to capitalize on the recent property improvements completed over the last 24 months and grow the top-line revenue through increased sales and marketing efforts. The hotel has experienced a 5.7% increase in RevPAR during the past 12-month period (August 2019). The Savannah market is currently experiencing a job market increase of 1.4% over 2018 with future job growth predicted to be 3.8%, which is higher than the US average of 3.5.
SpringHill Suites offers a fresh take on mixing business and pleasure by offering guests the little extras that add up to more so they can enjoy their time away from home. These properties feature newly designed spacious suites that combine style and space with separate living and sleeping areas, allowing guests to both be productive or unwind. SpringHill Suites offers guests a free robust hot breakfast with fresh fruit, sliced deli meats and cheeses, and a buzzing social atmosphere with enhanced evening beverage offerings including local craft beer and premium wines in the Market.
The all-suite Savannah, GA hotel is ideally located on Abercorn Street, offering restaurants and shopping within walking, near Savannah Mall and Hunter Army Airfield, a quick drive from historic downtown and Savannah College of Art and Design (SCAD). The subject property is also near Armstrong Atlantic State University / Georgia Southern University, St. Joseph’s/Candler Hospital, and the American Red Cross, as well as great attractions like River Street, Tybee Island, and Oglethorpe Mall. Amenities near the hotel include Home Depot, Publix Super Market, Applebee’s, Chick-fil-A, Olive Garden, LongHorn Steakhouse, Lowe’s Home Improvement, and the Savannah Mall.