Marcus & Millichap is pleased to offer the opportunity to acquire the Wingate Inn by Wyndham located in Downtown Southport, North Carolina. Subject property was constructed in 2009 and has been very well maintained. The current ownership of this asset is located out of state making this property the ideal investment for a local developer or operator to capitalize on the growing market.
The Wingate Inn offers amenities such as premium bedding, suite style rooms, full hot breakfast, complimentary Wi-Fi, meeting space, fitness center, and a business center. This property is strategically located between the beach and inter-coastal waterway and is the closest hotel to the beach in Southport. Additionally, the property is within walking distance to all demand generators, including restaurants and shops and entertainment. This assets revenue is driven by multiple strategic demand generators including the beach, University of North Carolina Wilmington which is home to over 16,000+ students annually, the Wilmington International Airport, the Myrtle Beach International Airport, Port of Wilmington, Downtown Wilmington, and Downtown Southport.
Currently the Wingate Inn Southport achieves a $75.69 RevPAR and only captures 95.2% of its competitive set market share. Considering the very consistent historical revenues exceeding $2,000,000, this asset is the perfect opportunity for a new investor to renovate and increase market share. The Wingate Inn has experienced 6.3% RevPAR growth over the past twelve months. The 2018 room revenue exceeded $2,175,000, and the property is up 5.5% in RevPAR year to date so far in 2019. Upon completion of the new ownership Property Improvement Plan, Marcus & Millichap anticipates the subject property stabilizing at a $78.00 RevPAR or above.
Southport is located on the coast in Southeastern North Carolina, where the Cape Fear River meets the Atlantic Ocean. It’s known for its stunning scenery, history, the maritime heritage of its forebears, and is located with close proximity to all major demand generators in the region. Southport is home to the Fort Fisher Ferry, which shuttles tourists to the exclusive Bald Head Island. Located at the beginning of Highway 87, which stretches across the State of North Carolina and ends in Southern Virginia, this hotel has strong visibility and accessibility. Considering the hotels superior location and proximity to Downtown Southport and the beach, this asset is perfect for both business and leisure travelers. Southport is a popular filming location for television and movies, as well as the Fourth of July festival which attracts 50,000 visitors annually.