Hiawatha, Kansas - LoopNet

Best Western Plus

Hiawatha, Kansas



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Executive Summary

Summary of facts and conclusions regarding the subject's existing market position and investment potential.

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Property Profile

Market Overview. Recap assimilation of independent publications, economic data, and surveys regarding the basic socioeconomic demographics and neighborhood characteristics. Pictures and maps are provided to assist reader in identification and visualization and are not intended for technical purposes.

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Community Profile

Description of site, location, neighborhood and property improvements, includes opinion of existing physical condition, development history and support facilities.

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Financial Profile

Condensed statement of Owner's Income Statement Results recast to the level of "Net Income from Operations", (cash flow available to service mortgage debt and income taxes).

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Investment Recap

Best Western Plus

119 E Lodge Street | Hiawatha, Kansas

$4,795,000

Executive Summary

? 57 keys ? T-12 revenue $1,150,000 ? 2016 NOI over $500,000 (including incentives) ? Microwaves and mini-fridges ? Opened 2013

KEYS

57

PRICE/KEY

$84,122

? Limited PIP expected

? Fitness room, indoor pool & hot tub

? Based on 2016 revenue, remaining incentives project to approx $1,750,000

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Best Western Plus| Hiawatha, Kansas

Best Western Plus

119 E Lodge Street | Hiawatha, Kansas

$4,795,000

Compelling Investment Considerations

? Only four years old and in excellent condition, the property is being offered for the first time

? Low transfer fee and low ongoing franchise/membership fees

? Performing well, generating $20k per room in revenue, with business still ramping up

? INCENTIVES! Two significant ongoing local incentives will be purchased with the property:

? Property Tax Abatement: Approximately 6 ? years left on a 10 year tax abatement. This currently saves $70,000 per year in property taxes, which projects to over $420,000 over the remaining term

? Transient Guest Tax Reimbursement: Approximately 18 years remaining on a full 6% refund of Transient Guest Taxes (TGT) from the City. Based on current revenues, this projects to over $1,300,000 over the remaining term

? The proceeds of the tax abatement and TGT incentives, which will transfer to new ownership, go straight to the bottom line

? Excellent location at the very busy intersection of Highway 36 and Highway 73 in northern Kansas

? The property is situated next to a new McDonald's and a new Casey's

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Best Western Plus| Hiawatha, Kansas

Property Profile

The Best Western Plus is ideally located at the intersection of Highway 36 and Highway 73 in northern Kansas. The property is only 4 years old and controls the hotel market in Brown County. Current ownership takes great pride in keeping their property up to date and it shows.

The property has 57 rooms, several of which are suites and one whirlpool suite. Each room has a refrigerator and microwave. The hotel thus is able to serve a wide variety of clientele, from construction crews, families, businesspeople and travelers alike.

Hotel amenities include a large breakfast room and lobby offer a community table as well as soft seating. The property also has a fitness room, meeting room, and indoor pool and hot tub.

The Best Western Plus is ideally located on the south end of Hiawatha at the Highway 36 and 73 intersection. McDonald's and Casey's are both less than a block away and most of the recent development in Hiawatha has occurred within a couple of blocks of the hotel.

King

Double Queen

Double Queen

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Best Western Plus | Hiawatha, Kansas

Bathroom

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