Residence Inn by Marriott

Columbia Northwest/Harbison

THE OPPORTUNITY

On behalf of the owner, Lodging Partners is conducting a highly confidential and private sale of Residence Inn by Marriott Columbia Northwest/Harbison. The Hotel is situated in the northwest quadrant of the I-26/Lake Murray Boulevard interchange, which is in the Harbison area of Columbia, close proximity to many shopping, dining, and entertainment options in the area.

This acquisition offers an investor a great opportunity to purchase a high quality asset with strong trailing cash flow and the Marriott brand affiliation at a significant discount to replacement cost. The Residence Inn is in great physical condition after recently completing over $1,400,000 in PIP-related capital expenditures in April 2023. The Hotel is offered free and clear of debt and unencumbered by management, so a new owner will be well positioned to capitalize on this market’s continued strong economic growth and broad corporate and leisure demand. Now that the renovations are completed, the Hotel is budgeted to run 75% at $130 in 2024.

The hotel itself is a four-story building with 100 guest rooms with spacious studio, one- and two-bedroom suites with separate living and sleeping areas, and each with a fully equipped kitchen. The rooms are designed to provide a comfortable and relaxing atmosphere, with modern furnishings and amenities.

The hotel features a variety of on-site facilities and services, including a fitness center, outdoor pool, hot tub, and a complimentary breakfast buffet. There is also a grocery shopping service available, as well as a social hour with free drinks and snacks on select nights. The Residence Inn by Marriott Columbia Northwest/Harbison offers a convenient and comfortable stay for both business and leisure travelers visiting Columbia, South Carolina.

INVESTMENT HIGHLIGHTS

The Property is easily accessible with excellent visibility from Interstate 26 and is 10 miles from downtown Columbia and the University of South Carolina and 14 miles from the Columbia Metropolitan Airport.

The 2024 revenue forecast is 75% at $130 and the property is well positioned to capitalize on this market’s continued strong economic growth and broad corporate and leisure demand.

High-quality, Marriott-branded hotel recently renovated and in excellent condition, and highly rated as “Excellent” in Trip Advisor.

The Property is a four-story, interior corridor hotel with a breakfast area, guest laundry facilities, a fitness center, outdoor pool, and a Bar-B-Q/picnic area.

Guestrooms include a fully equipped kitchen with a dishwasher, microwave oven, conventional oven, stove, refrigerator, and a dining area.

The Hotel has an optimal location near numerous demand generators and walking distance to numerous restaurants.

Economy

Local businesses near the Property includes Prisma Health, BlueCross BlueShield of South Carolina, Fort Jackson, the Richland School District, and others.
Columbia, South Carolina, is home to more than 70 foreign affiliated companies and fourteen Fortune 500 companies in the region.
Columbia has a diverse and stable economy based in local and state government, manufacturing, and services, as well as the Fort Jackson military base.
The city relies on its technology infrastructure, active entrepreneurial community, major research university, and diverse quality of life to attract new business.

Tourism

The Hotel is near local tourist attractions such as the Columbiana Centre Mall, Lake Murray, the Harbison Shopping District, the Riverbanks Zoo and Garden, Frankie’s Fun Park, River Center at Saluda Shoals Park, South Carolina State Museum, Williams Brice Stadium, and the South Carolina State Capitol.
Riverbanks Zoo and garden is a 170 -acre zoo, aquarium, and botanical garden. Ranked 4th Best zoo in the US.

Healthcare

Prisma Health Richland Hospital
ContinueCARE Hospital at Palmetto
Health Baptist
Lexington Medical Center
Columbia VA health Care System

Education

University of South Carolina (26,300+ Students)
Midlands Technical College (9,000+)
Benedict College (2,000+)
ITT Technical Institute-Columbia (1,682+)
Columbia College (1,110+)

Top Economic Drivers and Hotel Demand Generators

Prisma Health – Prisma Health is the largest healthcare system in South Carolina, and it has several hospitals and healthcare facilities in the Columbia area, including Prisma Health Richland Hospital and Prisma Health Baptist Hospital.

University of South Carolina – The University of South Carolina is the flagship university of the state and has a significant presence in Columbia. The university is a major employer and a demand generator, attracting students, faculty, and visitors to the area.

Fort Jackson – Fort Jackson is the largest and most active Initial Entry Training Center in the U.S. Army. It is located just outside of Columbia and is a major employer and demand generator in the area.

SCANA Corporation – SCANA Corporation is an energy-based holding company that provides electricity and natural gas to customers in the Carolinas. It is headquartered in Cayce, South Carolina, which is about a 15-minute drive from Harbison.

Palmetto Health – Palmetto Health is a healthcare system with several hospitals and healthcare facilities in the Columbia area, including Palmetto Health Baptist Hospital and Palmetto Health Richland Hospital.

Blue Cross Blue Shield of South Carolina – Blue Cross Blue Shield of South Carolina is the largest health insurer in the state, and its headquarters are located in Columbia.

Columbia Metropolitan Convention Center – The Columbia Metropolitan Convention Center is located in downtown Columbia, and it hosts a variety of events and conferences throughout the year. It is a demand generator for hotel rooms in the area.