Quality Inn Farmington

Hospitality for Sale
Catylist Listing ID: 30355463
Property Subtypes: Hotel
Number of Units: 63 Units
Building Size (RSF): See Agent
Gross Building Area: See Agent
Gross Land Area: 1.02 SF
Sale Price: $3,200,000
Unit Price: $50,793.65 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: 8.69%
Last Updated: 12/10/2018

Overview / Comments

The Quality Inn Farmington, New Mexico is a beautiful 63 room, three-story, interior corridor, hotel built in 1999. Currently operated by absentee ownership, this property promises significant upside for local or owner operators to improve revenues and reduce expenses. Currently under-performing its competitive set by 13% RevPAR, and ranked #14 of 23 hotels via TripAdvisor, this hotel supports an increasing pro-forma over 5 years. Priced well below replacement costs at $50,000/Key a trailing 12 month room revenue multiplier of 3.39, this hotel provides a 5 year levered IRR of over 22%.

Uniquely situated to re-position the property under another franchise flag with Choice removing the Quality flag by July 2019, Farmington lacks various mid-flags including AmericInn, Best Western Standard, Baymont Inn, Hawthorn Suites, Mainstay Suites, Ramada, Sleep Inn, and Wingate.

With spacious accommodations and various amenities including complimentary breakfast, free WiFi throughout, premium cable channels, fitness center, business, center, bus & truck parking - this property provides all the necessities of corporate, transient, or destination travelers.

Located along Highway 64, the Quality Inn is able to entertain guests at this major crossroads between Colorado, Utah, Arizona, and New Mexico. With a population of over 45,000 residents, the Farmington economy is largely derived from oil, natural gas, and coal industries. Some of the largest employers in Farmington NM are San Juan Regional Medical center, San Juan College, Sodexo, Synertx, BioPointe, and San Juan County.

Additional Details

Nearest MSA: Farmington
County: San Juan

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 3,346 32,965 50,832
Median Age: 32.34 32.82 33.64
Households: 1,198 12,208 18,077

Contact

Photograph of Listing Agent

Matthew Reeves

Marcus & Millichap CARNM CIE Member
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