MLR HOTEL GROUP
As an exclusive advisor, CBC Hotels - MLR Hotel Group is pleased to present the opportunity to acquire the fee-simple interest in the Quality Inn by Choice Hotels located in the Downtown - Central Business District of the city of El Doral, Miami. With a 15 years extendable 5.25% loan, which is assumable with approval from the lender. Renovated in 2019, this Quality Inn (“the hotel”) is located at one of the most important intersections in el Doral, (Palmetto with 36 street), within walking distance from restaurants, bank offices, minutes from the new extension of the Jackson Memorial Hospital.
This three-story 129-room hotel, (with zoning allowing to build 80 more rooms for a total of 209 keys adyacent piece of land ), offers spacious rooms and suites, an outdoor pool and lounge, free high-speed wireless internet, daily complimentary hot breakfast buffet, an on-site fitness center, and parking. This is an ideal opportunity to acquire a hotel affiliated with a top global franchise and a premier brand that is also located in a highly accessible downtown location that allows building 80 more rooms in a growing market with diverse demand generators.
Hotel guests enjoy excellent proximity to all amenities the city of el Doral offer, located 10 minutes from Miami's International Airport with free shuttle service for guests. The Hotel was renovated using the best quality materials, definitively one of the nicest hotels in Town.
VIBRANT CENTRAL BUSINESS DISTRICT LOCATION
The property benefits from airport proximity, leisure, healthcare, legislative, military, and corporate travel and is ideally located within walking distance to multiple restaurants, art galleries, nightlife.
Doral is a city full of hidden gems waiting to be explored. Home of Trump International Doral's world-class golf course, The Blue Monster. Guests can take the family to CityPlace Doral for playtime at King's Dining & Entertainment, and enjoy top-notch dining and shopping. Doral is also the perfect place to get outdoors, with over 9 parks boasting jogging trails, sporting facilities, lush gardens, and dog-friendly off-leash areas.
Doral is conveniently located just minutes from Miami International Airport and Downtown Miami, making it easy to get to. Because of its convenient location in the heart of South Florida, Doral residents and visitors can take full advantage of everything South Florida has to offer. And that is quite a bit!
PROXIMITY TO DIVERSE DEMAND DRIVERS, INCLUDING HEALTH AND EDUCATION
Downtown Doral is Miami’s premier town center, a vibrant community of culture and commerce, with access to almost everywhere. Neighborhoods, offices, homes, an award-winning school, restaurants, and shops that offer a new quality of life.
In 2019, the Quality Inn generated $3.5 million in sales, with an average of 93% occupancy at a "special low ADR due to renovations" of $77.3; during the first three months of 2019, before renovations started, ADR was $100; the same period in 2020 before "pandemic" ADR was $106, which shows the high potential of this well-positioned asset to further expand sales.
Acquired at Guidance, this investment is reasonably expected to provide investors with robust cash flow and an attractive return year over year.
ATTRACTIVE & ASSUMABLE DEBT
The Quality Inn has a long term loan with Ocen Bank's that matures in 2033. The repayment was based on a 15-year amortization at a 5.25% interest rate. The monthly debt service is approximately $40,000. As of September 30, 2020, the loan balance was approximately $9,037,000. The loan is assumable with approval from the lender.
UNENCUMBERED BY MANAGEMENT
The Quality Inn is being offered unencumbered by management. The management agreement can be terminated upon sale, providing an investor with the opportunity to generate management fees and improve operating efficiencies through regional synergies and added scale to existing operations.
GLOBALLY RECOGNIZED CHOICE HOTELS AFFILIATION AND IDEAL BRANDING
Choice Hotels International, Inc. (NYSE: CHH) is one of the largest lodging franchisors in the world. Choice currently franchises more than 7,100 hotels, representing nearly 600,000 rooms, in more than 40 countries and territories. Ranging from limited service to full-service hotels in the upscale, midscale, extended-stay, and economy segments, the Choice family of hotel brands provides business and leisure travelers with a range of high-quality lodging options throughout the United States and internationally
Quality Inn hotels provide the traveler with an affordable stay that lets them relax and focus on what really matters. Travelers can depend on Quality Inn for comfortable rooms and all the amenities expected like free hot breakfast, free WiFi, and, of course, genuine service from people who are professional, responsive, and friendly.
Originally priced at 18 Million Dollars, reduced to $15.5 MM.
As mentioned before, the property is encumbered by an assumable (depending on the Bank's approval) long term loan in the amount of 9 Million Dollars approx.