Property Overview
The C3 Hotel one of the rare excellent independent hotels that can give a potential new owner immediate positive cash flows without the need for immediate capital improvements. Thoroughly renovated in 2016-17, the hotel is being offered at less than 25% of replacement cost. Priced at $29,702 per room that equates to a room revenue multiplier of less than 2.45 and a Capitalization rate of 14.3%. On a typical loan this would equate to a Debt Coverage Ration of nearly 2 times and a Cash of Cash return of over 33%. Additional income streams are available through lease of the bar, restaurant and/or convention center. There are also potential franchise opportunities with numerous brands available in the market including Ramada, Clarion, Days Inn, Red Roof Plus and Best Western all available. The hotel has been essentially absentee operated since re-opening in mid 2016. Prior to that the hotel was closed for a period of several years after foreclosure by a national lender. Motivated ownership group will entertain all reasonable cash offers. No ownership financing is being offered on this sale.
Property Highlights
| Asking Price | $3,000,000 |
| Location | US Highway 34 |
| Property Description | Select Service |
| Number of Rooms | 101 |
| Major Source of Business | Medical, Agricultural, Leisure, Transient Travel |
| Site Size | 5.92 acres |
| Year Built |
1972 |
| Last Year Renovated |
2017 |
| Common Area Amenities | Indoor Pool & Recreation Area, Breakfast Area, Guest Coin Laundry, Convention Center |