| Name |
Comfort Inn & Suites St. Louis Airport North |
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| Location |
Hazelwood (St. Louis), MO (map) |
| Number of Rooms |
70 |
| Asking Price |
$2,500,000.00 |
| Price/Room |
$35,714 |
| Ownership |
Fee Simple |
| Investment Highlights |
Premium, long-term Choice Hotels affiliation
Quality constructed asset in high traffic area
Ideal owner / operator opportunity
SBA financeable
Unencumbered by management
|
| Property Overview |
The Comfort Inn & Suites Airport North is located in the high-volume traffic area of Interstate 270 and Highway 67 (Lindbergh Boulevard) within 3 miles of Lambert-St. Louis International Airport. More than 280,000 cars pass through this intersection daily! Within close proximity to the property are a multitude of corporate (including some of the world’s largest companies), medical, colleges and universities, and recreational demand generators including Boeing Integrated Defense Systems, the leading manufacturer and supplier of U.S. Military aircraft (both manned and unmanned) and technology; Schnuck Markets, A.G. Edwards, Ameren Corporation, Emerson Electric, Monsato Company (a leading biotechnology company), MasterCard International, Ameristar Casinos, Alberici Constructors, GKN Aerospace, Missouri Air National Guard, Spectrum Healthcare Resources, the University of Missouri – St. Louis, and Washington University in St. Louis. St. Louis boasts a college / university student population of nearly 100,000! Hazelwood is home to several of the area’s award-winning hospitals and medical offices including Christian Hospital, All Saints Special Care, and DePaul Health Center. Ameristar Casino St. Charles, and Harrah’s Casino St. Louis attract travelers from across the world, many of which often stay at more cost conscious hotels. St. Louis has transformed from a manufacturing and industrial economy into a globally known focus for research in medicine, biotechnology, and other sciences. The St. Louis region is home to 21 Fortune 1000 companies, nine of which are in the Fortune 500. The region is also home to some of the country's largest privately held corporations, including Enterprise Rent-A-Car and Edward Jones, among others. St. Louis, because of its logistical advantages (#2 inland port based on tonnage) from cargo shipping at the airport, its expansive railroad network, and access to a complex interstate and highway system and only 5 hours away from more than half of the U.S population continues to attract new companies and partnerships from across the globe. The old Ford Automobile Manufacturing site (nearly 160 acres) located just three miles from the Comfort Inn & Suites, is currently under-development with Panattoni Corporation for a large, 11-building industrial manufacturing and distribution park to contain more than 26 million square feet of space. This park is expected to cost in excess of $175 million and create at least an additional 350 jobs. Once complete, the park will bring additional corporate demand into the immediate area as well as additional airport travel. Southwest Airlines is reportedly expanding their St. Louis presence by adding capacity and gates at Lambert-St. Louis International Airport, bringing additional competition to fares and additional passenger traffic to St. Louis. Additionally, several office and industrial parks have received approvals for development or expansions and include North Park, a 300 acre tract just north of I-70 and I-170 projected to add an additional 18,000 jobs and more than $7 billion in direct economic impact; Wellston Industrial Park, a 24 acre park, Cornerstone Industrial Park, 15 acre site adjacent to Wellston MetroLink; and the $57 million Natural Bridge Road Redevelopment, a 125 acre site to be developed with office, residential, and retail space once complete. Current ownership has spent nearly $280,000 since 2005 on renovations and capital improvements including a total lobby renovation, lobby and breakfast area furniture, carpeting, knock-down finish and paint in the guestrooms, carpeting throughout, various new PTAC units, fire-safety upgrades, and commercial HVAC equipment for the administrative and common areas. The property is in good condition overall and should require only minimal items on a Change of Ownership PIP.
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