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81 Room Fairfield Inn & Suites and 72 Room TownePlace Suites in Northeast Ohio Listed for Sale
CBRE Hotels is the exclusive agent in connection with the solicitation of offers to acquire the fee-simple interest in the 81-room Fairfield Inn & Suites and the 72-room TownePlace Suites, situated in Northeast Ohio.
The owner will consider offers for one or both assets, totaling 153 rooms.
The hotels are convenient to the intersection of two interstates, and roughly halfway between Chicago and New York City. The hotels are surrounded by many support services.
The Fairfield Inn & Suites is a three-story hotel featuring complimentary breakfast, guest laundry, free Wi-Fi access, fitness center, meeting space, indoor pool and a business center. Guestrooms are equipped with flat-screen TVs, in-room work desk, optional whirlpool king suites, refrigerator and coffee maker.
The TownePlace Suites is an all-suite, three-story hotel featuring complimentary breakfast, guest laundry, free Wi-Fi access, fitness center, outdoor pool and a business center. Guestrooms are equipped with flat-screen TVs, a well-lit desk, a full kitchen including a refrigerator, microwave, stove/oven, dishwasher and coffee maker.
The Fairfield Inn & Suites was built in 1998 and renovated between 2016-2019, with a total expenditure of $1,868,681, or $23,070 per room. The Marriott brand is a significant driver of room nights and will allow the hotel to dominate the market as it ramps up from having rooms out of service during renovations. The Townplace Suites was built in 2001 and was renovated between 2016-2019, with a total expenditure of $1,023,017, or $14,209 per room.
The operational efficiencies that can be employed by the dual brand operation of the Fairfield Inn & Suites and adjacent TownePlace Suites will allow the purchaser to maximize cash flow and return. The Fairfield Inn & Suites and TownePlace Suites combo maintains billboard visibility at the confluence of major interstate routes. With a fresh PIP completion, its expected that Marriott will require a PIP for a new buyer to facilitate a new, expected 15-year franchise term. A strong operator can significantly improve revenues and operating performance compared to the current out-of-state owner/operator.
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