Marcus & Millichap is pleased to a new investor the opportunity to purchase the SureStay Plus Fayetteville North Carolina. The Surestay Plus is a two story, 111-room hotel offered unencumbered of both debt and management. The subject property was built in 1985 and was completely renovated and up-branded to the SureStay Plus by Best Western in 2018 and has yet to stabilize. The property is located directly off I-95 with proximity to all the diverse demand generators in the region. Fayetteville has received the prestigious All-America City Award from the National Civic League three times. It is currently the sixth largest municipality in North Carolina and is the county seat of Cumberland County as well as the home of Fort Bragg Military Base, which employs over 15,000 residents. The SureStay Plus had a strong year in 2018 with and occupancy rate of 48%, an ADR of $63.43, and a $30.42 RevPAR. Despite having rooms offline during the recent renovation, it still captured 106.8% of its Comp-Set RevPAR market share with room to grow toward stabilization. The SureStay Plus is a new brand by Best Western that offers great value with quality extras like free hot breakfast, complimentary WiFi, seasonal pool, fitness center, and updated modern furnishings that are perfect for guests who prefer high standards at a great value. The subject property is offered below replacement costs and perfect for an owner operator or a private investor looking for strong cash flow in a thriving military market.
In addition to Fort Bragg, Fayetteville has multiple entertainment and historic attractions including golf courses, museums, parks, and restaurants. There are four colleges located in Fayetteville and new sport facilities currently under development. Fayetteville is the county seat of Cumberland County, a part of the Coastal Plain region of North Carolina. Congress recently passed the Base Realignment and Closure (BRAC) Act resulting in several new commands relocating to Fort Bragg including the U.S. Army Forces Command and U.S. Army Reserve Command, both of which relocated from Fort McPherson in Atlanta adding an additional 30,000 residents to the area. FORSCOM awards over $300 billion in contracts annually to the Fayetteville MSA.