Catylist ID: #30355463
Quality Inn Farmington
Hospitality for Sale
|Catylist Listing ID:||30355463|
|Number of Units:||63 Units|
|Building Size (RSF):||See Agent|
|Gross Building Area:||See Agent|
|Gross Land Area:||1.02 SF|
|Unit Price:||$38,888.89 Per Unit|
|Property Use Type:||Investment|
|Sale Terms:||Cash to Seller|
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.
|Proximity:||1 mile||3 miles||5 miles|
Matthew ReevesMarcus & Millichap CARNM CIE Member
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