For Sale
$3,800,000

75 Spooner RdQuincy, FL 32351

40-Room Hotel, I-10 Location

Overview

Added:
Dec 11, 2024
Days on market:
114
This 40-key Quality Inn, a Choice Hotels property, presents a compelling investment opportunity in the Tallahassee MSA. Built in 1994, this two-story, exterior-corridor hotel boasts a prime location along Interstate 10, approximately 25 miles from Downtown Tallahassee and near the Quincy Historic District. The property sits on two acres and has recently undergone significant renovations, including a new roof, updated exterior lighting, electrical upgrades in the breakfast area, refurbished PTAC units, a resurfaced parking lot, and refurbished laundry equipment. An estimated $25,000+/- change of ownership PIP is anticipated, subject to verification by Choice Hotels. Previous and current owners have invested approximately $150,000+/- in capital improvements. The hotel benefits from a diverse demand base, including leisure and business travelers, legislative attendees, healthcare professionals, university visitors, and sports teams, with proximity to attractions such as the Gadsden Arts Center & Museum and Bear Creek Educational Forest. The property's strong historical performance, evidenced by over $1,000,000 in room revenue in 2021 and 2022 (December Monthly STR Reports), and its potential for RevPAR improvement (currently at 75% of the comp set index based on the June 2024 Monthly STR Report), make it an ideal acquisition for an owner-operator seeking to maximize returns. The asking price is $3,800,000. Projected year-end 2023 metrics include a 4.13x Revenue Multiple and a 6.03% capitalization rate, while year one projections show a 4.24x Revenue Multiple and an 8.22% capitalization rate. June 2024 T-12 data shows an ADR of $102.75, RevPAR of $58.57, and an occupancy rate of 57%.

Highlights

  • 40-room, two-story Quality Inn Quincy hotel with exterior corridors.
  • Built in 1994, recently renovated with minimal future capital expenditures expected.
  • Owner-operator ideal key count.
  • Located in the Tallahassee MSA, ideally positioned along Interstate 10.
  • Strong potential for RevPAR improvement based on June 2024 STR data.
  • $3,800,000 list price.

Property Details for 75 Spooner Rd

Property type
Hospitality properties, Motels
Year Built
1994
Buildings
1
Stories
2
Lot Size (sq. ft)
87,120 SF

Location Insight

City
Quincy
County
Gadsden
State
Florida
Latitude
30.5360591
Longitude
-84.5953884
75 Spooner Rd, Quincy, Florida

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75 Spooner Rd
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