Exceptional Value-Add Potential to acquire an extended stay hotel at a price significantly below replacement cost from an absentee owner. By implementing a strategic renovation and repositioning plan, a new investor could unlock substantial potential for increased top-line revenue, enhanced expense control, and improved operational efficiencies, leading to a significant higher bottom-line flow-through.

The Hotel is located within the Charlotte University Place, NC, lodging tract, which experienced a very strong 33.1% RevPAR increase in 2022 and is up an additional 9.7% YTD through August 2023, compared to the same period last year.

The Hotel has close access to downtown Charlotte, the Convention Center, NASCAR Hall of Fame, Bank of America Stadium, and Time Warner Cable Arena and over 11 million square feet of office space with major tenants such as Compass Group, Time Warner Cable, UTC Aerospace Systems, Pepsi, and Belk’s corporate headquarters

Well located off of I-77 and I-485, the Hotel is within 15 miles of Charlotte Douglas International, a major southeastern hub and the 5th busiest airport in the U.S. in 2022, serving approximately 47.8 million passengers

The Hotel is well-located along a highly trafficked corridor of I-77 at the intersection of I-77 / WT Harris Boulevard and is just one exit from I-485.  The Hotel is well-exposed to traffic along WT Harris Boulevard and accessible via the adjacent Hankins Road.

All the suites include full kitchens complete with stove top, full-size refrigerator, microwave, coffee maker, toaster, and kitchenware. The unit configuration of the Hotel consists of the following:

A number of national and local restaurants are located close to the Hotel and includes TGI Fridays, Max and Ermas, Harris Grille, Chilis Grill & Bar, Azteca Mexican, Midtown Sundries, Hickory Tavern, Firebirds Rocky Mountain Grill, and P.F. Changs.

Situated just 1.1 miles from the Hotel, the Northlake Mall stretches across 1,071,000 square feet, establishing itself as a sought-after lifestyle destination just north of Charlotte. The mall hosts an array of attractions, including five anchor tenants of note: Dillard’s, Macy’s, and Belk, along with AMC’s 14-screen cinema. Complementing these anchors are a diverse selection of 140 retailers and restaurants, each contributing to the vibrant atmosphere.  The Northlake Mall caters to a broad spectrum of preferences, including Apple, Dry Goods, DTLR, Forever 21, H&M, Finish Line, and Soma.

Charlotte ranks as one of the fastest growing cities in the country with its widely acclaimed high quality of life and low cost of living. Charlotte’s stable demand for the lodging industry is derived from its vibrant and diverse economy and through its major medical and higher education institutions.  According to Smith Travel Research, Charlotte’s lodging market has 432 hotels comprising approximately 46,249 guest rooms.

The Hotel is located within the Charlotte University Place, NC lodging tract. Consisting of just over 6,116 rooms across 52 hotels, the Charlotte University Place, NC tract houses approximately 13.2% of the entire MSA’s lodging inventory. The TTM through June 2023 showed that the tract has experienced strong RevPAR increases and is up 15.7% compared to the same period last year.  Hotels will continue to capitalize on the market’s strong fundamentals and further RevPAR gains are expected to follow.

• Charlotte is a major center of finance, industry, technology and entertainment; it is the second largest financial center in the U.S. and one of the most vibrant districts in the southeast.
• The Charlotte Region is home to over 91,000 financial services jobs, which has resulted in aggressive hiring competition over a deep supply of regional talent. The city’s finance sector has the third-highest concentration of financial services talent among the top 50 metros, and the talent base in the region’s financial services industry continues to grow with the sixth-most in-migration in 2020.

• In the second quarter of 2022, 19,900 new jobs were created in the Charlotte region, according to the Charlotte Regional Business Alliance.
• The city of Charlotte added more than 15,000 people to its population count between 2021 and 2022, the nation’s fifth-highest numeric increase during that span, according to the U.S. Census Bureau’s latest estimates.
• The Charlotte metro area was among the fastest growing in the nation in recent years, a new study found. Charlotte and surrounding areas, including Concord and Gastonia, gained 201,349 residents from 2016 to 2021. That’s an 8.1% jump, per ISN, the sixth biggest in the nation in that five-year period.

• Charlotte Douglas International Airport (CLT) was ranked 5th busiest airport in the U.S. by takeoffs and landings, serving approximately 47.8 million passengers in 2022.  In 2015, CLT announced an expansion project entitled Destination CLT; the 10-year, $2.5 billion project includes an expansion and renovation of the terminal, construction of a two level roadway in front of the terminal, the addition of 29 new gates, and a fourth parallel runway.

• Charlotte is ranked seventh among the most Fortune 500 companies headquartered in a city, one of which includes the nation’s second-largest financial institution, Bank of America; other Fortune 500 companies based in or near Charlotte include Lowes, Duke Energy, Nucor, Sonic Automotive, and Sealed Air and Domtar. Other major employers in Charlotte include Belk, Coca Cola Bottling, Wal-Mart, UTC Aerospace Systems, Carolinas HealthCare System, Wells Fargo, and Novant Health