| Name |
Red Roof Inn |
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| Location |
Jackson, MS (map) |
| Number of Rooms |
116 |
| Asking Price |
$2,800,000 |
| Price/Room |
$24,138 |
| Ownership |
Fee Simple |
| Investment Highlights |
•EXCELLENT OWNER / OPERATOR OPPORTUNITY The Red Roof Inn represents an excellent owner / operator opportunity due to its size and location relative to a vast majority of the area’s demand generators. Relicensing with Red Roof Inn could be an option, however repositioning to a higher-rated nationally recognized hotel affiliation could increase revenues and overall returns.
•SIGNIFICANT UPSIDE POTENTIAL Significant upside potential exists with revenue and expense management, targeted group booking efforts, and a dedicated sales effort to capture additional leisure tour group business, especially during weekends and special events.
•OPPORTUNITY TO RETAIN RED ROOF AFFILIATION WITH COMPLETION OF PROPERTY IMPROVEMENT PLAN (PIP) With completion of a mutually agreed upon franchise issued Property Improvement Plan (PIP) to be spread-out over a reasonable time period, the property could be a candidate for a continued, long-term affiliation with Red Roof Inn under a franchise license agreement.
•DYNAMIC JACKSON MARKET Downtown Jackson offers tourists more than 26 permanent attractions, 11 museums, 7 historic sites, 7 parks, and hundreds of festivals and special events. Each year, the Mississippi State Fairgrounds and Coliseum, Jackson Zoo, and Veterans Memorial Stadium attract more than 3 million visitors alone and the city has become a hot spot of immigration into the United States. Development in Downtown Jackson is booming: from 2003 through April 2008, nearly $612,200,000 was invested in new or expanded commercial facilities, $342,000,000 in various projects are currently under construction, and $1,600,000,000 in 24 projects are in the planning stages. •UNENCUMBERED BY MANAGEMENT The Red Roof Inn is being offered unencumbered by management, thereby providing an excellent opportunity for a new purchaser / operator.
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| Property Overview |
The Red Roof Inn comprised of two separate three-story, exterior corridor buildings situated on 2.20 acres adjacent to Interstate 55 (High Street exit), just east of U.S. Highway 51. The buildings are 35,000 square feet total and were constructed using a concrete foundation, wood framing, and a pitched shingle roof. Approximately $275,000 has been spent on capital improvements to the property since 2005 and includes carpeting and paint, upgraded electrical wiring and components, televisions, PTAC units, lighting, showerheads, and a new roof (2006). The building is situated in a straight-line configuration and features 127 parking spaces, including 7 handicap-accessible. Access to the property is provided by a curb cut on the east side of Larson Street, and visibility is excellent from both Larson Street and Interstate 55 in both directions. Guestrooms feature either king, 2 double, or full-size beds, remote control televisions with On Command cable service, telephone, desk with chair, dresser, 2 nightstands, lamps, and a lounge chair. There are many restaurant options to chose from, including Hooters, Olive Garden, Outback Steakhouse, Piccadilly Cafeteria, Ryan’s Steakhouse, Shoney’s, Bravo Italian, Broad Street Restaurant, Chimneyville BBQ, Waffle House, and Wendy’s. The Red Roof Inn is located just ¼ mile from the Mississippi State Fairgrounds and Coliseum complex, a huge, 100-acre facility with more than 250,000 square feet of exhibition space, averaging more than 700-event days and attracting more than 1.5 million visitors per year. Downtown Jackson offers tourists more than 26 permanent attractions, 11 museums, 7 historic sites, 7 parks, and hundreds of festivals each year. Additional demand generators nearby include government buildings, museums, and shopping markets including Jackson City Hall, Mississippi State Capital buildings, War Memorial Building, Jackson Zoological Park (200,000 visitors annually), Mississippi Agriculture & Forestry Museum, Museum of Natural Science, Museum and Pavilion of Arts, Mississippi Veterans Memorial Stadium, Mississippi Sports Hall of Fame, Mississippi Telcom Center, Mississippi Trade Mart, Dogwood Festival Market, Highland Village, and Jackson Medical Mall. There are three colleges and a university in the area that boasts great athletic programs: Bellhaven College, Jackson State University, Millsaps College, and Tougaloo College and attract hundreds of thousands of visitors each year. Development in Downtown Jackson is booming: from 2003 through April 2008, nearly $612,200,000 was invested in new or expanded commercial facilities, while another $342,000,000 in development projects are currently under construction, and $1,600,000,000 in 24 projects are in the planning stages.
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